Pharoah Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Pharoah showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 Purchased supplies for cash $350. 12 15 17 19 24 25 27 29 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10, n/30. Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,200. Received credit from Braun's Wholesale Supply for merchandise returned $250. 31 Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased merchandise for cash $1,500. Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $100. Sold merchandise for cash $3,400. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $750, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. Pharoah 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
Pharoah Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Pharoah showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 Purchased supplies for cash $350. 12 15 17 19 24 25 27 29 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10, n/30. Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,200. Received credit from Braun's Wholesale Supply for merchandise returned $250. 31 Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased merchandise for cash $1,500. Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $100. Sold merchandise for cash $3,400. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $750, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. Pharoah 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Journalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated
Transcribed Image Text:Pharoah Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the
ledger of Pharoah showed Cash of $4,500 and Owner's Capital of $4,500.
May 1
2
5
9
10
11
12
15
17
19
24
25
27
29
31
Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10, n/30.
Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,200.
Received credit from Braun's Wholesale Supply for merchandise returned $250.
Received collections in full, less discounts, from customers billed on May 2.
Paid Braun's Wholesale Supply in full, less discount.
Purchased supplies for cash $350.
Purchased merchandise for cash $1,500.
Received $150 refund for return of poor-quality merchandise from supplier on cash purchase.
Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10, n/30,FOB shipping point.
Paid freight on May 17 purchase $100.
Sold merchandise for cash $3,400. The merchandise sold had a cost of $2,200.
Purchased merchandise on account from Lumley, Inc. for $750, terms 2/10, n/30.
Paid Valley Distributors in full, less discount.
Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20.
Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500.
Pharoah 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414
Sales Discounts, and No. 505 Cost of Goods Sold.
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 3 steps
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