Accounting Print I

Sandhill Hardware Stoce completed the following merchandising trancictions in the month of Maxy At the begirnirg of Mav, the ledger of 5 andaili showed Cash of $5,500 and Owner's Capital of $5,500. May 1 Purchased merchandise on account from Brmar's Wholesale Supply for $4,300, terms 2/10, tr/30. 2 Sold merchandise on account $1,600, terms 1/10, n30. The cost of the merchandise sold was $1,300, 5 Received credit from Bratin's Wholesale Supply for meschandise returned $200. 9. Received collections in fulli. less discounts. from custoeners bilied an May 2. 10 Pald Braun's Wholesale Supply in full, less discount. 11 Purchased rupolies for cash \$350. 12. Purchased merchandise for cash \$1,200, 15 Recelved $200 refund for return of poor-quality merchandbe from supplier on carh ourchase. 17 Purchased merchandise on account from Valer Distributors for $1,100 termv 2/10,N30 fob thipping point. 19 Paid ireight on May 17 purchase $170. 24 Sold merchandise for cash $3,200. The merchand se sold had a cost of $1,800. 25 Purchased merchandise on sccount from Lumley, tnc for $550, terms 2/10.,230 27. Pald Valey Dlstributors is full, less discount. 27. Pald Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $70, The returned merchandisecost $40 : 31 Sold merchandise on account for $1,000 terms n/30. The cost of the merctandise sold was $600 Sandhill Hardware's chart of accounts includes the following No. 101 Cash, No. 112 Accounts Recetvable, No. 120 Inventory, No, 126 Supplies, No. 201 Accounts Payable, No. 301 owner's Capltal. No, 401 Sales Revenue. No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Entes the beginaingeath and capitai tulances and post the transactions. Post entries in the onder of joumal entries peseritedin the previouspart) J1 31 J1 \begin{tabular}{l} Accounts Receivable \\ \hline Date Explanation Ref. \\ \hline \end{tabular} \begin{tabular}{|clcl} \hline Inventory \\ \hline Date Explanation Ref. Debit \end{tabular} J1 \begin{tabular}{|c|c|c|} \hline Inventory \\ \hline Date Explanation Ref. & Debit \\ \hline \multirow{2}{*}{Ji} & J & \\ \hline \end{tabular} No. 120 J1 11 J1 11 31 Supplies No. 126 \begin{tabular}{|lll|} \hline Date Explanation Ref. Debit \\ \hline & j1 \\ \hline \end{tabular} Accounts Payable No. 201 Owner's Capital \begin{tabular}{l} Sales Revenue \\ \hline Date Explanation Ref. \\ \hline \end{tabular} Sales Returns and Allowances \begin{tabular}{c} Date Explanation Ref. \\ Sales Discounts \\ Date Explanation Ref. \\ \hline \end{tabular} Cost of Goods Sold No. 505 Cost of Goods Sold No. 505 \begin{tabular}{ccc} Date Explanation Ref. Debit \\ \hline & Jl \\ \hline \end{tabular} 11 J1