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 for $645. The cost of merchandise sold was $375.
Dec. 4 Sold merchandise for $432 and accepted VISA as the form of payment. The cost of merchandise sold was $195.
Dec. 8 Sold merchandise on account for $670. The cost of merchandise sold was $438.
Dec. 15 Paid credit card fees for the month of $85.
CHART OF ACCOUNTS
Evans Company
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
EQUITY:
310 Don Evans Owner's, Capital
311 Don Evans Owner's, Drawing
312 Income Summary
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