Ophelia Dern opened Old Dominion Merchandising Corporation...

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Accounting Activity ACCT 201 SP17 Name ______________________________________ (Counts as class activities 4 and 5 – 20 points total) Due: Assignments should be uploaded to Blackboard by 11:59 p.m. on March 14, 2017 Ophelia Dern opened Old Dominion Merchandising Corporation on November 1. The company operates on a calendar year. (1) Below are select transactions for November and December 2014 which should be recorded in the general journal attached. Use the chart of accounts provided below for the account titles. (2)After recording the transactions prepare adjusting entries at December 31. Account Title Account Title Cash Sales Discount Petty Cash Sales Returns and Allowances Accounts receivable Rental Income Allowance for Doubtful Accounts Interest Income Notes receivable Cost of Goods Sold Merchandise Inventory Bad Debt Expense Store supplies Depreciation expense—Store equipment Prepaid insurance Depreciation expense—Computer equipment Prepaid rent Wages expense Office equipment Insurance expense Accumulated depreciation—Store equipment Postage Expense Computer equipment Janitorial Expense
2 Accumulated depreciation—Computer equipment Cash over and short Accounts payable Credit card Expense Wages payable Rent expense Unearned rental income Store Supplies expense Common stock Advertising expense Retained earnings Mileage expense Dividends Miscellaneous expenses Sales Repairs expense The company will extend credit terms of 1/10, n/30, FOB shipping point, to all customers who purchase merchandise. The company also allows customers to use two different credit cards in charging purchases. With VNB, Old Dominion Merchandising receives an immediate credit to its account when it deposits sales receipts.

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