AMFG Corporation completed the following merchandising transactions in the month of May. 5/1/19 D UN 10 11 12 15 Purchased merchandise on account from Jerry's Wholesale Supply $4,500, terms 2/10, 1/30. Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,500 Received credit from Jerry's Wholesale Supply for merchandise returned $300. Received payment from customers billed on May 2. Paid Jerry's Wholesale Supplies Purchased supplies for cash $400. Purchased merchandise for cash $1,500. Received refund for poor quality merchandise from supplier on cash purchase $150. Purchased merchandise from AMCO Distributors $1,400, FOB shipping point, terms 2/10, n/30. Received freight bill of $200 for May 17 purchase from PHU. Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Horvath, Inc. $700, FOB destination, terms 2/10, n/30. Received freight bill of $300 for May 25 purchase from PHU. Paid AMCO Distributors in full, less discount. Made refunds to cash customers for merchandise initially sold for $80. The returned Merchandise had a cost of $40. Sold merchandise on account to IOU for $1,500, terms n/30. The cost of the merchandise sold was $500. 17 19 24 25 26 28 29 31 Journalize these May transaction for AMFG Corporation. AMFG uses the perpetual inventory system. |