Reference no: EM13922016

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

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

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JOURNAL

DATE   DESCRIPTION   POST. REF.   DEBIT   CREDIT

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JOURNAL

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