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Journal Entries for Merchandising Transactions Shown Below Is a Partial

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Journal entries for merchandising transactions Shown below is a partial chart of accounts for Main Street Markets, followed by a series of merchandising transactions. The company uses a perpetual inventory system, records purchases at net cost, and records sales at the full invoice price. Sales taxes are collected on all sales, and the sales tax liability is recorded immediately. Freight charges on inbound shipments are recorded in the Transportation-in account.
1 Cash 50 Sales 2 Accounts Receivable 51 Sales Discounts 5 Inventory 52 Sales Returns & Allowances 30 Accounts Payable 60 Cost of Goods Sold 35 Sales Taxes Payable 62 Transportation-in 39 Income Taxes Payable  XX  All other expense account \begin{array} { | l | l | l | l | } \hline 1 & \text { Cash } & 50 & \text { Sales } \\\hline 2 & \text { Accounts Receivable } & 51 & \text { Sales Discounts } \\\hline 5 & \text { Inventory } & 52 & \text { Sales Returns \& Allowances } \\\hline 30 & \text { Accounts Payable } & 60 & \text { Cost of Goods Sold } \\\hline 35 & \text { Sales Taxes Payable } & 62 & \text { Transportation-in } \\\hline 39 & \text { Income Taxes Payable } & \text { XX } & \text { All other expense account } \\\hline\end{array}
Indicate the accounts that should be credited in recording each transaction by placing the appropriate account number(s) in the space provided.
Journal entries for merchandising transactions Shown below is a partial chart of accounts for Main Street Markets, followed by a series of merchandising transactions. The company uses a perpetual inventory system, records purchases at net cost, and records sales at the full invoice price. Sales taxes are collected on all sales, and the sales tax liability is recorded immediately. Freight charges on inbound shipments are recorded in the Transportation-in account. \begin{array} { | l | l | l | l | } \hline 1 & \text { Cash } & 50 & \text { Sales } \\ \hline 2 & \text { Accounts Receivable } & 51 & \text { Sales Discounts } \\ \hline 5 & \text { Inventory } & 52 & \text { Sales Returns \& Allowances } \\ \hline 30 & \text { Accounts Payable } & 60 & \text { Cost of Goods Sold } \\ \hline 35 & \text { Sales Taxes Payable } & 62 & \text { Transportation-in } \\ \hline 39 & \text { Income Taxes Payable } & \text { XX } & \text { All other expense account } \\ \hline \end{array} Indicate the accounts that should be credited in recording each transaction by placing the appropriate account number(s) in the space provided.

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