Summit Company

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1
2
3
4
5
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7
8
9
10
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31
 Beartooth Co.

DATE DESCRIPTION POST. RDEBIT CREDIT

Account receivable 49550
To Sales 49550
1-Aug
cost of goods sold
To Merchandise inventory
2-Aug Delivery expense
CHART OF ACCOUNTS
Beartooth Co.
General Ledger

ASSETS
110 Cash
120 Accounts Receivable

125 Notes Receivable

130 Merchandise Inventory

131 Estimated Returns Inventory

140 Office Supplies

141 Store Supplies

142 Prepaid Insurance

180 Land

192 Store Equipment

Accumulated Depreciation-Store
193 Equipment

194 Office Equipment

Accumulated Depreciation-Office
195 Equipment

LIABILITIES
211 Accounts Payable-Summit Company
216 Salaries Payable
218 Sales Tax Payable

219 Customer Refunds Payable

221 Notes Payable
EQUITY

310 Common Stock

311 Retained Earnings

312 Dividends

313 Income Summary

CHART OF ACCOUNTS CHART OF ACCOUNTS
Summit Company Beartooth Co.
General Ledger General Ledger

ASSETS
110 Cash 110
121 Accounts Receivable-Beartooth Co. 120
125 Notes Receivable 125
130 Merchandise Inventory 130
131 Estimated Returns Inventory 131
140 Office Supplies 140
141 Store Supplies 141
142 Prepaid Insurance 142
180 Land 180
192 Store Equipment 192
193 Accumulated Depreciation-Store Equipment 193
194 Office Equipment 194
195 Accumulated Depreciation-Office Equipment 195

LIABILITIES
210 Accounts Payable 211
216 Salaries Payable 216
218 Sales Tax Payable 218
219 Customer Refunds Payable 219
221 Notes Payable 221

EQUITY
310 Common Stock 310
311 Retained Earnings 311
312 Dividends 312
313 Income Summary 313

REVENUE
410 Sales 410
610 Interest Revenue 610

EXPENSES
510 Cost of Merchandise Sold 510
521 Delivery Expense 521
522 Advertising Expense 522
524 Depreciation Expense-Store Equipment 524
525 Depreciation Expense-Office Equipment 525
526 Salaries Expense 526
531 Rent Expense 531
533 Insurance Expense 533
534 Store Supplies Expense 534
535 Office Supplies Expense 535
536 Credit Card Expense 536
539 Miscellaneous Expense 539
710 Interest Expense 710
ART OF ACCOUNTS
rtooth Co.
eral Ledger

ASSETS
Cash
Accounts Receivable-Beartooth Co.
Notes Receivable
Merchandise Inventory
Estimated Returns Inventory
Office Supplies
Store Supplies
Prepaid Insurance
Land
Store Equipment
Accumulated Depreciation-Store Equipment
Office Equipment
Accumulated Depreciation-Office Equipment

LIABILITIES
Accounts Payable
Salaries Payable
Sales Tax Payable
Customer Refunds Payable
Notes Payable

EQUITY
Common Stock
Retained Earnings
Dividends
Income Summary

REVENUE
Sales
Interest Revenue

EXPENSES
Cost of Merchandise Sold
Delivery Expense
Advertising Expense
Depreciation Expense-Store Equipment
Depreciation Expense-Office Equipment
Salaries Expense
Rent Expense
Insurance Expense
Store Supplies Expense
Office Supplies Expense
Credit Card Expense
Miscellaneous Expense
Interest Expense