Please Help. Record the following transactions. Refer to the Chart of Accounts **May Transactions Overview**1. **May 1** - Paid rent for May: $5,000.2. **May 2** - Sold merchandise on account to Korman Co., terms n/15, FOB shipping point: $68,500. Cost of goods sold: $41,000.3. **May 3** - Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point: $36,000.4. **May 4** - Paid freight on May 3 purchase: $600.5. **May 7** - Received cash from Halstad Co. on account: $22,300. - Sold merchandise with a list price of $61,500 to customers using Visa and redeeming $7,500 in coupons. Cost of goods sold: $32,000.6. **May 13** - Paid for May 3 merchandise: full amount.7. **May 15** - Paid advertising expense for late May: $11,000.8. **May 17** - Received cash from May 2 sale.9. **May 19** - Purchased merchandise for cash: $18,700. - Paid $33,450 to Buttons Co. on account. - Issued a cash refund of $13,230 to Korman Co. for returned merchandise from May 2. Cost of returned merchandise: $8,000.10. **May 20** - Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point: $110,000. Cost of goods sold: $70,000.11. **May 21** - Paid freight for Crescent Co. sale: $2,300. - Received cash from Gee Co. on account: $42,900. - Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination: $88,000.12. **May 24** - Returned damaged merchandise from May 21 purchase, received credit memo: $5,000.13. **May 26** - Refunded cash on sales made for cash: $7,500. Cost of returned merchandise: $4,800.14. **May 28** - Paid sales salaries: $56,000 and office salaries: $29, # Chart of Accounts## Classification: Assets- **Account Number 110**: Cash- **Account Number 112**: Accounts Receivable- **Account Number 115**: Inventory- **Account Number 116**: Estimated Returns Inventory- **Account Number 117**: Prepaid Insurance- **Account Number 118**: Store Supplies## Classification: Long-Term Assets- **Account Number 123**: Store Equipment- **Account Number 124**: Accumulated Depreciation-Store Equipment## Classification: Liabilities- **Account Number 210**: Accounts Payable- **Account Number 211**: Salaries Payable- **Account Number 212**: Customers Refunds Payable## Classification: Equity- **Account Number 310**: Common Stock- **Account Number 311**: Retained Earnings- **Account Number 312**: Dividends- **Account Number 313**: Income Summary## Classification: Revenue- **Account Number 410**: Sales## Classification: Cost- **Account Number 510**: Cost of Goods Sold## Classification: Expenses- **Account Number 520**: Sales Salaries Expense- **Account Number 521**: Advertising Expense- **Account Number 522**: Depreciation Expense- **Account Number 523**: Store Supplies Expense- **Account Number 529**: Miscellaneous Selling Expense- **Account Number 530**: Office Salaries Expense- **Account Number 531**: Rent Expense- **Account Number 532**: Insurance Expense- **Account Number 539**: Miscellaneous Administrative Expense

A Journal is the primary book in which transactions of a business are recorded.A journal entry…

1 2 3 4 5 6 7 8 9 10 11 12 MASHAKAR HE 13 18 Paid rent for May, $5,000. Sold Merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB Shipping point, $36.000 Paid freight on purchase of May 3, $600 Received $22,300 cash from Halstad Co. on account Sold merchandise with a list price of $61,500 to customers who used Visa and who redeemed $7,500 of point-of-sale coupons. 10-May The cost of the goods sold was $32,000. 13-May 15-May 20 1-May 2-May 3-May 4-May 7-May 21-May 14 21-May 15 21-May 16 21-May 17 24-May 26-May 19 28-May 29-May 17-May 19-May 19-May 20-May 21 30-May 22 31-May 23 31-May Paid for merchandise purchased on May 3 Paid advertising expense for last half of May $11,000 Received cash from sale of May 2 Purchased merchandise for cash, $18,700 Paid $33,450 to Buttons Co. on account Paid Korman Co, a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchandise was $8,000 Sold merchandise on account to Crescent Co., terms n/eom, FOB shipping point, $110,000. The cost of the goods sold was $70,000 For the convenience of Crescent Co., paid freight on sale of May 21, $2,300 Received $42,900 cash from Gee Co. on account Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000 Returned damage merchandise purchased on May 21, receiving a credit memo from the seller for $5,000 Refunded cash on sales made for cash, $7,500. The cost of the merhandise returned was $4,800 Paid sales salaries of $56,000 and office salaries of $29,000 Purchased store supplies for cash $2,400 Sold merchandise on account to Turner Co., terms n/30, FOB Shipping point, $78,750. The cost of the goods sold was $47,000 Received cash from sale of May 21 plus freight Paid for purchase of May 21, less return of May 24

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q