On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%.Required: Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.CHART OF ACCOUNTSOsgood CompanyGeneral Ledger ASSETS110Cash120Accounts Receivable125Notes Receivable130Merchandise Inventory131Estimated Returns Inventory140Supplies142Prepaid Insurance180Land190Equipment191Accumulated Depreciation LIABILITIES210Accounts Payable216Salaries Payable221Sales Tax Payable222Customer Refunds Payable231Unearned Rent241Notes Payable EQUITY310Common Stock311Retained Earnings312Dividends REVENUE410Sales EXPENSES510Cost of Merchandise Sold521Delivery Expense522Advertising Expense523Depreciation Expense526Salaries Expense531Rent Expense533Insurance Expense534Supplies Expense536Credit Card Expense560Miscellaneous Expense710Interest ExpenseRecord the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles. Instructions Chart of Accounts General JournalInstructionsOrChart of AccountsGeneral Journal12Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles.DATEDESCRIPTIONJOURNALPOST. REF.DEBITCREDITXASSETSACCOUNTING EQUATIONPAGE 1LIABILITIESEQUITYX

Term n/30 means the buyer of the merchandise is required to pay the full amount of invoice without…

Answered: On March 25, Osgood Company sold…

Business

Accounting

On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEA

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Question

On March 25, Osgood Company sold merchandise on account, $2,900, terms n/30. The applicable sales tax percentage is 5%.

Required:

Record the transaction. Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Osgood 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	Customer Refunds Payable
231	Unearned Rent
241	Notes Payable

	EQUITY
310	Common Stock
311	Retained Earnings
312	Dividends

	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

Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles.

Instructions Chart of Accounts General Journal
Instructions
Or
Chart of Accounts
General Journal
1
2
Record the journal entry on March 25. Refer to the Chart of Accounts for exact wording of account titles.
DATE
DESCRIPTION
JOURNAL
POST. REF.
DEBIT
CREDIT
X
ASSETS
ACCOUNTING EQUATION
PAGE 1
LIABILITIES
EQUITY
X

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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