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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.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...
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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: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
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.
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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