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ACCT 420 Journalize the following inventory

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ACCT 420 Journalize the following inventory

Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.

Dec.  1          Sold merchandise on account, $17, 300, with terms 2/10, net 30. The cost of the merchandise sold was $12, 600.00.

Dec.  6          Received payment within the discount period.

CHART OF ACCOUNTS
General Ledger
ASSETS
110 Cash
120 Accounts Receivable
125 Notes Receivable
130 Merchandise Inventory
131 Estimated Returns Inventory
140 Supplies
142 Prepaid Insurance
180 Land
190 Equipment
191 Accumulated Depreciation
LIABILITIES
210 Accounts Payable
216 Salaries Payable
221 Sales Tax Payable
222 Customers Refunds Payable
231 Unearned Rent
241 Notes Payable
REVENUE
410 Sales
EXPENSES
510 Cost of Merchandise Sold
521 Delivery Expense
522 Advertising Expense
523 Depreciation Expense
526 Salaries Expense
531 Rent Expense
533 Insurance Expense
534 Supplies Expense
536 Credit Card Expense
560 Miscellaneous Expense
710 Interest Expense
EQUITY
310 Owner, Capital
311 Owner, Drawing
312 Income Summary