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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 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. 2 Sold merchandise on account $4,800, 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. 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. 9 10 11 12 Purchased merchandise for cash $2,900. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for cash $5,800. The merchandise sold had a cost of $4,400. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. 31 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.

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 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. 2 Sold merchandise on account $4,800, 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. 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. 9 10 11 12 Purchased merchandise for cash $2,900. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for cash $5,800. The merchandise sold had a cost of $4,400. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. 31 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.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...
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post journal entries related to following(order by oder)

1 cash

2 account receivable

3 inventory

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 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. 2 Sold merchandise on account $4,800, 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. 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 $2,900. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for cash $5,800. The merchandise sold had a cost of $4,400. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. 31 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: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 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. 2 Sold merchandise on account $4,800, 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. 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 $2,900. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for cash $5,800. The merchandise sold had a cost of $4,400. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $8. 31 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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