Cheyenne Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cheyenne showed Cash of $8,100 and Common Stock of $7,200. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,200, terms 1/10, n/30. 2 Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,500. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. 5 9 10 11 Purchased supplies for cash $900. 12 15 17 19 24 25 27 29 31 Purchased merchandise for cash $3,200. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,300, terms 2/10, n/30, FOB shipping point. Paid freight on May 17 purchase $270. Sold merchandise for cash $5,500. The merchandise sold had a cost of $4,300. Purchased merchandise on account from Clasps, Inc. for $700, terms 3/10, n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $136. The returned merchandise cost $10. Sold merchandise on account for $1,190 terms n/30. The cost of the merchandise sold was $850.
Cheyenne Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cheyenne showed Cash of $8,100 and Common Stock of $7,200. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,200, terms 1/10, n/30. 2 Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,500. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. 5 9 10 11 Purchased supplies for cash $900. 12 15 17 19 24 25 27 29 31 Purchased merchandise for cash $3,200. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,300, terms 2/10, n/30, FOB shipping point. Paid freight on May 17 purchase $270. Sold merchandise for cash $5,500. The merchandise sold had a cost of $4,300. Purchased merchandise on account from Clasps, Inc. for $700, terms 3/10, n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $136. The returned merchandise cost $10. Sold merchandise on account for $1,190 terms n/30. The cost of the merchandise sold was $850.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
answer in text form please (without image), Note: .Every entry should have narration please
Transcribed Image Text:Cheyenne Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No.
126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No.
414 Sales Discounts, and No. 505 Cost of Goods Sold.
(a)
Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is
entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts. Record
journal entries in the order presented in the problem.)
Date
<
<
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
Debit
Credit
Transcribed Image Text:Cheyenne Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the
ledger of Cheyenne showed Cash of $8,100 and Common Stock of $7,200.
May 1 Purchased merchandise on account from Black Wholesale Supply for $7,200, terms 1/10, n/30.
Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,500.
Received credit from Black Wholesale Supply for merchandise returned $200.
Received collections in full, less discounts, from customers billed on May 2.
Paid Black Wholesale Supply in full, less discount.
Purchased supplies for cash $900.
Purchased merchandise for cash $3,200.
Received $230 refund for return of poor quality merchandise from supplier on cash purchase.
Purchased merchandise on account from Wilhelm Distributors for $2,300, terms 2/10, n/30, FOB shipping point.
Paid freight on May 17 purchase $270.
Sold merchandise for cash $5,500. The merchandise sold had a cost of $4,300.
Purchased merchandise on account from Clasps, Inc. for $700, terms 3/10,n/30.
Paid Wilhelm Distributors in full, less discount.
Made refunds to cash customers for returned merchandise $136. The returned merchandise cost $10.
Sold merchandise on account for $1,190 terms n/30. The cost of the merchandise sold was $850.
2
5
9
10
11
12
15
17
19
24
25
27
29
31
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education