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Journalize the transactions using perpetual inventory system

Journalize the transactions using perpetual inventory system

FINANCIAL ACCOUNTING
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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Journalize the transactions using perpetual inventory system
 
Sandhills Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sandhills' ledger showed Cash of $7,900 and Common Stock of $7,900. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900, terms 1/10, n/30. 2 Sold merchandise on account for $4,300, terms 2/10, n/30. The cost of the merchandise sold was $3,200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,000. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.. 17 19 Purchased merchandise on account from Wilhelm Distributors for $2,400, terms 2/10, n/30. Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise on account from Clasps Inc. for $800, terms 3/10, n/30. 27 29 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $98.
Transcribed Image Text:Sandhills Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sandhills' ledger showed Cash of $7,900 and Common Stock of $7,900. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900, terms 1/10, n/30. 2 Sold merchandise on account for $4,300, terms 2/10, n/30. The cost of the merchandise sold was $3,200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,000. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.. 17 19 Purchased merchandise on account from Wilhelm Distributors for $2,400, terms 2/10, n/30. Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise on account from Clasps Inc. for $800, terms 3/10, n/30. 27 29 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $98.
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