Question 1 Winters Hardware Store completed the following merchandising transact

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Question 1 Winters Hardware Store completed the following merchandising transactions in the month of May, At the beginning of May, Winters' ledger showed Cash of $ 8,800 and Common Stock of $ B.80o May1 Purchased merchandise on account from Black Wholesale Supply for $8.500 terms 1/10.n/3o 2 Sold merchandise on account for $ 5.000. terms 2/10,n/30. The cost of the merchandise sold was $ 3,7s0 5 Received credit from Black Wholesale Supply for merchandise returned $ 600 9 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 $ 990. 12 Purchased merchandise for cash $ 3,410. 15 Received $ 253 refund for return of poor-quality merchandise from supplier on cash purchase 17 Purchased merchandise from Wilhelm Distributors for $ 2.500 terms 2/10, n/30 19 Paid freight on May 17 purchase $ 275 24 Sold merchandise for cash $ 6,050. The cost of the merchandise sold was $ 4,510. 25 Purchased merchandise from Clasps Inc.for $880, terms 3/10, n/30 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $ 135. The returned merchandise had cost $ 91 31 Sold merchandise on account for $ 1,408, terms n/30. The cost of the merchandise sold was $913

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Cash Debit Credit Beginning 8800 May 10 7821 (8500-600)*99% May 9 4900 May 11 990 5000*98% May 15 253 May 12 3410 May 24 6050 May 19 275 May 27 2450 2500*98% May 29 135 Ending Balance 4922 Accounts Receivable Debit Credit May 2 5000 May 9 5000 May 31 1408 Ending Balance 1408 Inventory Debit Credit May 1 8500 May 2 3750 May 12 3410 May 5 600 May 17 2500 May 10 79 (8500-600)*1% May 19 275 May 15 253 May 25 880 May 24 4510 May 29 91 May 27 50 2500*2% May 31 913 Ending Balance 5501 Supplies Debit Credit May 11 990 Ending Balance 990 Accounts Payable Debit Credit May 5 600 May 1 8500 May 10 7900 May 17 2500 May 27 2500 May 25 880 Ending Balance 880 Common Stock Debit Credit Beginning 8800 Ending Balance 8800 Sales Revenue Debit Credit May 2 5000 May 24 6050 May 31 1408 Ending Balance 12458 Sales Return and allowance Debit Credit May 29 135 Ending Balance 135 Sales Discount Debit Credit May 9 100 5000*2% Ending Balance 100 Cost of Goods Sold Debit Credit May 2 3750 May 29 91 May 24 4510 May 31 913 Ending Balance 9082

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