10/22/2018 Problem 5-1A Print by: CHRISTOPHER BENITEZ ACCT 220 Wu Th. 7-9:45pm/Chapter 5 - Homework *Problem 5-1A At the beginning of May, Winters' ledger showed Cash of $8,800 and Common Stock of $8,800. May Purchased merchandise on account from Black Wholesale Supply for $7,950, terms 1/10 1 n/30 Sold merchandise on account for $4,600, terms 2/10, n/30. The cost of the merchandise sold was $3,450. Received credit from Black Wholesale Supply for merchandise returned $550 Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $990. Purchased merchandise for cash $3,410 Received $253 refund for return of poor-quality merchandise from supplier on cash purchase. 2 5 9 10 11 12 15 17 Purchased merchandise from Wilhelm Distributors for $2,850, 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 $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. Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) 1/5 https