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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Transcribed Image Text:Date
May 1
May 5
May 6
May 9
May 10
May 11
May 12
Description
Debit
Credit
Transcribed Image Text: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
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