Accounting 1A
Chapter 5 – Accounting for Retail Business
Purchase and Sale Transactions
Chart of Accounts
Cash
Accounts Payable
Cost of Goods Sold
Accounts Receivable
Notes Payable
Bank Service Charge
Allowance for Doubtful Acct
Wages Payable
Depreciation Expense
Notes Receivable
Interest Payable
Insurance Expense
Supplies
Unearned Fees
Rent Expense
Inventory
Common Stock
Interest Expense
Prepaid Insurance
Dividends
Product Wa
anty Expense
Prepaid Rent
Fees Earned
Supplies Expense
Office Equipment
Sales
Utility Expense
Accumulated Depreciation
Interest Revenue
Wages Expense
Journalize the following transactions completed by M4 Engineering Inc. during January of the cu
ent year.
1.
Purchased merchandise on account from Mitchell Co., $50,000, terms FOB destination, 1/10, n/30.
5.
Sold merchandise on account to Manderlee Co., $20,000, terms 2/15, n/45. The cost of the goods sold was
$18,000.
7.
Returned merchandise with an invoice amount of $8,000 purchased on January 1 from Mitchell Co.
10.
Paid Mitchell Co. on account for purchase of January 1, less return on January 7.
20.
Received cash on account from sale of January 5 to Manderlee Co.
31.
Sold merchandise on MasterCard, $82,000. The cost of the goods sold was $58,000.
GENERAL JOURNAL
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