27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $128. The returned merchandise had cost $92. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830. a) Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the occount tities and enter 0 for the amounts. Credit account tities are automatically indented when amount is entered, Do not indent manually. Record joumal entries in the order presented in the problem. Ust all debit entries before credit entries.) (To record payment for returned merchandise) (To record cost of goods returned) (To record credit sale) (To record cost of goods sold on account) Sheridans Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sheridans' ledger showed Cash of $7,600 and Common Stock of $7,600. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,600, terms 1/10,n/30. 2 Sold merchandise on account for $4,000, terms 2/10,n/30. The cost of the merchandise sold was $2,900. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 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 $900. 12 Purchased merchandise for cash $2,700. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,100, terms 2/10,n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise on account from Clasps tnc for $300, terms 3/10,n/30. (To record sales) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $128. The returned merchandise had cost $92. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830. a) Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the occount tities and enter 0 for the amounts. Credit account tities are automatically indented when amount is entered, Do not indent manually. Record joumal entries in the order presented in the problem. Ust all debit entries before credit entries.) (To record payment for returned merchandise) (To record cost of goods returned) (To record credit sale) (To record cost of goods sold on account) Sheridans Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sheridans' ledger showed Cash of $7,600 and Common Stock of $7,600. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,600, terms 1/10,n/30. 2 Sold merchandise on account for $4,000, terms 2/10,n/30. The cost of the merchandise sold was $2,900. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 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 $900. 12 Purchased merchandise for cash $2,700. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,100, terms 2/10,n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise on account from Clasps tnc for $300, terms 3/10,n/30. (To record sales) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold)
