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Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30...

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Accounting

Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period.

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Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30 on December 26 . Travis Company paid for the merchandis on December 31 , within the discount period. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. ASET 5 REVENUE 110 Cash 410 Sales 120 Acoounts Receivable 126 Notes Receivable EXPENSES 130 inventory 510 Cost of Merchandise Sold 131 Estimated Returns inventory B21 Delivery Expense 140 Supplies 522 Advertising Expense 142 Prepaid insurance 623 Depreciation Expense 180 Land 520 Salaries Expense 190 Equipment 631 Rent Expense 101 Accumulated Depreciation 533 Insurance Expense 634 Supplies Expense LIABILITIES 536 Credit Card Expense 210 Accounts Payabler 580 Miscellaneous Expense 210 Salaries Payable 710 Interest Expense 221 Sales Tax Payable 222 Customer Refunds Payable . 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stook 311 Retained Eaminas

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