WileyPLUS tf WileyPLUS Assume That Sandhill × e https://edugen.wileyplus.com/edu

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WileyPLUS tf WileyPLUS Assume That Sandhill × e https://edugen.wileyplus.com/edugen/student/mainfr.uni Kimmel, Accounting, 6e roblem 5-1A inters Hardware Store completed the following merchandising transactions in the month of May. At the begin ng of May, w ters ledger showed Cask of SS 800 and Common Stock o se an. Purchased merchandise on account from Black Wholesale Supply for $7,950, terms 1/10, n/30. 2 Sold merchandise on account for $4,600, terms 2/10, n/30. The cost of the merchandise sold was $3,450. 5 Received credit from Black Wholesale Supply for merchandise returned $5so. 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 $2,850, terms 2/10, /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 $140. The returned merchandise had cost $93 31 Sold merchandise on account for $1,408, terms n/30. The cost of the merchandise sold was $913. malize the transactions using a perpetual nventory system. (ltf no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are tries in the order presented in the problem) Debit Credit Date Account Titles and Explanation (To record credit sale)

Explanation / Answer

Date Account titles and explanations Debit Credit May 1 Inventory $7,950.00 Accounts Payable $7,950.00 May 2 Accounts Receivable $4,600.00 Sales revenue $4,600.00 To record credit sale) Cost of Good Sold $3,450.00 Inventory $3,450.00 (To record cost of merchandise sold) May 5 Accounts Payable $550.00 Inventory $550.00 May 9 Cash $4,508.00 Sales Discount $92.00 Accounts Receivables $4,600.00 May 10 Accounts Payable (7950 - 550) $7,400.00 Inventory $74.00 Cash $7,326.00 May 11 Supplies $990.00 Cash $990.00 May 12 Inventory $3,410.00 Cash $3,410.00 May 15 Cash $253.00 Inventory $253.00 May 17 Inventory $2,850.00 Accounts Payable $2,850.00 May 19 Inventory $275.00 Cash $275.00 May 24 Cash $6,050.00 Sales revenue $6,050.00 Cost of Good Sold $4,510.00 Inventory $4,510.00 (To record cost of merchandise sold) May 25 Inventory $880.00 Accounts Payable $880.00 May 27 Accounts Payable $2,850.00 Inventory $57.00 Cash $2,793.00 May 29 Sales Returns and Allowances $140.00 cash $140.00 (To record merchandise returned) Inventory $93.00 Cost of Good Sold $93.00 May 31 Accounts Receivable $1,408.00 Sales revenue $1,408.00 (To record credit sale) Cost of Good Sold $913.00 Inventory $913.00 (To record cost of merchandise sold)

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