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5. Record the below transactions in general journal form as they would appear on the books of (a) Gilman, Inc. and (b) Mason, Inc. Omit

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5. Record the below transactions in general journal form as they would appear on the books of (a) Gilman, Inc. and (b) Mason, Inc. Omit explanations for the journal entries. (12 points total -2 points for each date for each firm) The following are selected transactions of Gilman, Inc.: May 10 Sold and shipped on account to Mason, Inc. merchandise for $2,500 ( $800 cost), terms 3/10,n/30. May 16 Mason, Inc, returned merchandise billed at $400 (\$240 cost) on May 10. May 19 Received a check from Manson, Inc. for full settlement of the May 10 transaction

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