May 1. Paid rent for May, $5,000 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4. Paid freight on purchase of May 3, $600. 6. Sold merchandise account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7. Received $22,300 cash from Halstad Co. on account, no discount. 10. Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13. Paid for merchandise purchased on May 3, less discount. 14. Received merchandise returned on sale of May 6, $13,500. The cost of the merchandise returned ws $8,000. 15. Paid advertising expense for last half of May, $11,000. 16. Received cash from sale of May 6, less return of May 14 and discount. 19. Purchased merchandise for cash, $18,700. 19. Paid $33,450 to Buttons Co. on account, no discount. Record the following transactions in the journal 20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. 21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. 21. Received $42,900 cash from Gee Co. on account, no discount. 21. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000. 24. Returned $5,000 of damaged merchandise purchased on May 21, receiving credit from the seller. 26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. 28. Paid sales salaries of $56,000 and office salaries of $29,000. 29. Purchased store supplies for cash, $2,400. 30. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. 30. Received cash from sale of May 20, less discount, plus freight paid on May 21. 31. Paid for purchase of May 21, less return of May 24 and discount. At the end of May, the following adjustment data were assembled. Merchandise inventory on May 31- $570,000 Insurance expired during the year - 12,000 Store supplies on hand May 31 - 4,000 Depreciation for the current year - 14,000 Accrued salaries on May 31 13,600 Sales salaries 7,000 Office Salaries 6,600 The adjustment for customer returns and allowances is $60,00 for sales and $35,000 for cost of merchandise sold.
May 1. Paid rent for May, $5,000
3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
4. Paid freight on purchase of May 3, $600.
6. Sold merchandise account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.
7. Received $22,300 cash from Halstad Co. on account, no discount.
10. Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
13. Paid for merchandise purchased on May 3, less discount.
14. Received merchandise returned on sale of May 6, $13,500. The cost of the merchandise returned ws $8,000.
15. Paid advertising expense for last half of May, $11,000.
16. Received cash from sale of May 6, less return of May 14 and discount.
19. Purchased merchandise for cash, $18,700.
19. Paid $33,450 to Buttons Co. on account, no discount.
Record the following transactions in the journal
20. Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000.
21. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
21. Received $42,900 cash from Gee Co. on account, no discount.
21. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
24. Returned $5,000 of damaged merchandise purchased on May 21, receiving credit from the seller.
26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
28. Paid sales salaries of $56,000 and office salaries of $29,000.
29. Purchased store supplies for cash, $2,400.
30. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000.
30. Received cash from sale of May 20, less discount, plus freight paid on May 21.
31. Paid for purchase of May 21, less return of May 24 and discount.
At the end of May, the following adjustment data were assembled.
Merchandise inventory on May 31- $570,000
Insurance expired during the year - 12,000
Store supplies on hand May 31 - 4,000
Accrued salaries on May 31 13,600
Sales salaries 7,000
Office Salaries 6,600
The adjustment for customer returns and allowances is $60,00 for sales and $35,000 for cost of merchandise sold.
Required
Complete the following;
- Unadjusted
- adjustments
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