Big Box Hardware Company engaged in the following transactions in May. • May 1 Sold merchandise on account for $293,100; terms 2/10, n/30, FOB shipping point, freight collect. • May 5 $41,800 of the good sold on account on May 1 were returned for a full credit. Payment of the goods had not yet been received. . • May 6 Purchased merchandise on account in the amount of $104,700; credit terms are 2/10, N/30. • May 9 A sales allowance was granted for merchandise sold May 1 for $5,620 which was damaged in shipment. • May 10 Returned merchandise from May 6 purchase totaling $38,200. . May 11 Payment was received for the net amount due from the sale of May 1. May 12 Paid amount owed from May 6 purchase less return and discount. Journalize the transactions. . Date May 1 May 5 May 6 May 9 May 10 Description Debit Credit

Big Box Hardware Company engaged in the following transactions in May. • May 1 Sold merchandise on account for $293,100; terms 2/10, n/30, FOB shipping point, freight collect. • May 5 $41,800 of the good sold on account on May 1 were returned for a full credit. Payment of the goods had not yet been received. . • May 6 Purchased merchandise on account in the amount of $104,700; credit terms are 2/10, N/30. • May 9 A sales allowance was granted for merchandise sold May 1 for $5,620 which was damaged in shipment. • May 10 Returned merchandise from May 6 purchase totaling $38,200. . May 11 Payment was received for the net amount due from the sale of May 1. May 12 Paid amount owed from May 6 purchase less return and discount. Journalize the transactions. . Date May 1 May 5 May 6 May 9 May 10 Description Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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