Post the transactions to T accounts(post entries in the Order of journal entries presented in the question) Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning ofMay, Pina Colada's ledger showed Cash of $8,800 and Common Shares of $8,800.May12591011121517192425272931Purchased merchandise on account from Hilton Wholesale Supply for $8,800, terms 2/10, n/30.Sold merchandise on account for $4,400, ters 3/10, n/30. The cost of the merchandise sold was $3,030.Received credit from Hilton Wholesale Supply for merchandise returned $300.Received collections in full, less discounts, from customers billed on May 2.Paid Hilton Wholesale Supply in full, less discount.Purchased supplies for cash $810.Purchased merchandise for cash $2,430.Received $260 refund for return of poor-quality merchandise from supplier on cash purchase.Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30.Paid freight on May 17 purchase $270.Sold merchandise for cash $5,570. The cost of the merchandise sold was $4,260.Purchased merchandise from Toolware Inc. for $780, terms 3/10, n/30.Paid Northern Distributors in full, less discount.Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventoryand had cost $90.Sold merchandise on account for $1,390, terms n/30. The cost of the merchandise sold was $920.Pina Colada Hardware uses a perpetual inventory system. DateMay 1May 2May 2May 5May 9May 10May 11May 12May 15May 17May 19May 24May 24May 25May 27May 29May 29May 31May 31Accounts TitleInventoryAccounts PayableAccounts ReceivableSales RevenuePina Colada Hardware Store Inc.Journal EntriesCost of Goods SoldInventoryCashSales DiscountSuppliesCashAccounts PayableInventory(To record inventory purchased on account)InventoryCashCashInventoryAccounts ReceivableInventoryCash(To record revenue eamed on account)Accounts PayableInventoryCash(To record cost of goods sold incurred)(To record inventory returned on account)4,268132InventoryAccounts PayableCashSales Revenue$8,800(To record amount received on account)$ 4,400Cost of Goods SoldInventory$(To record payment made on account)InventoryAccounts PayableDebit(To record supplies purchased on account)Accounts PayableInventoryCash$ 300$$3,030(To record inventory purchased)Sales Return & AllowanceCashInventoryCost of Goods Sold$ 8,500$Accounts ReceivableSales Revenue(To record inventory purchased on account)Cost of Goods SoldInventory$$ 2,430(To record inventory returned)810(To record freight Charges Incurred)$$ 2,300260(To record cost of goods sold incurred)(To record revenue earned)$270$ 5,570(To record inventory purchased on account)$ 2,300$ 4,260(To record payment made on account)780$$ 140(To record revenue earned)(To record cost of goods sold incurred)* $ 901,390(To record revenue earned on account)S 920(To record cost of goods sold incurred)$8,800$ 4,400$ 3,030Credit$ 300$4,400$170$ 8,330$$ 2,430$ 260810$ 2,300$ 270$$5,570$$ 780$4,260$46$ 2,25414090$ 1,390$ 920

A T-account is a set of financial records that uses double-entry bookkeeping.

Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Pina Colada's ledger showed Cash of $8,800 and Common Shares of $8,800. May 1 2 Sold merchandise on account for $4,400, teres 3/10, n/30. The cost of the merchandise sold was $3,030. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $810. Purchased merchandise for cash $2,430. Received $260 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30. 9 10 11 12 15 17 19 24 25 27 29 Purchased merchandise on account from Hilton Wholesale Supply for $8,800, terms 2/10, n/30. 31 Paid freight on May 17 purchase $270. Sold merchandise for cash $5,570. The cost of the merchandise sold was $4,260. Purchased merchandise from Toolware Inc. for $780, terms 3/10, n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $90. Sold merchandise on account for $1,390, terms n/30. The cost of the merchandise sold was $920. Pina Colada Hardware uses a perpetual inventory system.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q