Cheyenne Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, th 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. 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. 5 9 10 11 12 15 17 19 24 25 27 29 31
Cheyenne Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, th 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. 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. 5 9 10 11 12 15 17 19 24 25 27 29 31
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...
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