Pina Colada Corp completed the following merchandising transactions in the month of May. At the beginning of May the ledger of Pina Colada Corp, showed Cash of $7,900 and Common Stock of $8,600 May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. Sold merchandise on account $4,800, terms 2/10, r/30. The cost of the merchandise sold was $3,200 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 $2,900. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2.700, terms 2/10,n/30. Paid freight on May 17 purchase $270. Sold merchandise for cash $5.800. The merchandise sold had a cost of $4,400 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10,n/30 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. Sold merchandise on account for $1.150 terms n/30. The cost of the merchandise sold was $760.
Pina Colada Corp completed the following merchandising transactions in the month of May. At the beginning of May the ledger of Pina Colada Corp, showed Cash of $7,900 and Common Stock of $8,600 May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. Sold merchandise on account $4,800, terms 2/10, r/30. The cost of the merchandise sold was $3,200 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 $2,900. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2.700, terms 2/10,n/30. Paid freight on May 17 purchase $270. Sold merchandise for cash $5.800. The merchandise sold had a cost of $4,400 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10,n/30 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. Sold merchandise on account for $1.150 terms n/30. The cost of the merchandise sold was $760.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 "0" for the amounts. Record journal entries in the order presented in the problem.)
Date Account Titles and Explanation
May9
(To record credit sale)
(To record cost of merchandise sold)
Debit
Credit
Transcribed Image Text:512 CHAPTER S HOMEWORK
Question 5
Pina Colada Corp. completed the following merchandising transactions in the month of May. At the beginning of May the ledger of Pina Colada Corp, showed Cash of $7,900 and Common
Stock of $8,600
May 1
2
5
9
10
11
12
15
17
19
24
25
27
29
31
Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10,n/30.
Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,200
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 $2.900.
Received $230 refund for return of poor quality merchandise from supplier on cash purchase.
Purchased merchandise on account from Wilheim Distributors for $2,700, terms 2/10, n/30
Paid freight on May 17 purchase $270.
Sold merchandise for cash $5.000, The merchandise sold had a cost of $4,400
Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10,n/30
Paid Wilhelm Distributors in full, less discount
Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8.
Sold merchandise on account for $1,150 terms n/30. The cost of the merchandise sold was $760.
Pina Colada Corp'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.
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