Question

Journalize entries for the following related transactions of South Coast Heating & Air Company. Refer to...

Journalize entries for the following related transactions of South Coast Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.

Mar. 1 Purchased $48,000 of merchandise from Atlas Co. on account, terms 1/10, n/30.
9 Paid the amount owed on the invoice within the discount period.
11 Discovered that $7,500 of the merchandise purchases on Mar. 1 was defective and returned items, receiving credit.
18 Purchased $6,000 of merchandise from Atlas Co. on account, terms n/30.
20 Received a refund from Atlas Co. for return on Mar. 11 less the purchase on Mar. 18.

Chart of Accounts

CHART OF ACCOUNTS
South Coast Heating & Air Company
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Merchandise Inventory
140 Office Supplies
141 Store Supplies
142 Prepaid Insurance
180 Land
192 Store Equipment
193 Accumulated Depreciation-Store Equipment
194 Office Equipment
195 Accumulated Depreciation-Office Equipment
LIABILITIES
211 Accounts Payable-Atlas Co.
218 Sales Tax Payable
219 Customers Refunds Payable
220 Unearned Rent
221 Notes Payable
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary
REVENUE
410 Sales
610 Rent Revenue
EXPENSES
501 Cost of Merchandise Sold
521 Delivery Expense
522 Advertising Expense
524 Depreciation Expense-Store Equipment
525 Depreciation Expense-Office Equipment
531 Rent Expense
533 Insurance Expense
534 Store Supplies Expense
535 Office Supplies Expense
536 Credit Card Expense
539 Miscellaneous Expense
710 Interest Expense

Journal

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Journalize entries for the related March transactions of South Coast Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.

All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.

PAGE 10

JOURNAL

Score: 46/126

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1

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Homework Answers

Answer #1

the following are the required journal entries:

date description debit credit
mar 1 merchandise inventory a/c $47,520
............To accounts payable - atlas co $47,520
(amount = $48,000 * (1-0.01) =.$47,520)
mar 9 accounts payable -atlas co $47,520
............To Cash a/c $47,520
mar 11 accounts payable -atlas co $7,425
..........To merchandise inventory a/c $7,425
(amount = $7,500 (1-0.01 discount) =>$7,425
mar 18 merchandise invetory a/c $6,000
..............to accounts payable- atlas co $6,000
mar 20 cash a/c $1,425
............To acccounts payable -atlas co $1,425
(amount = 7,425 - 6,000 =>1,425)
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