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based on the first photo of information, can someone help fill the remainder of partial balance sheet? Thank you!! Problem 5-02A a-c (Video) Crane Hardware
based on the first photo of information, can someone help fill the remainder of partial balance sheet? Thank you!!
Problem 5-02A a-c (Video) Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Crane showed Cash of $5,500 and Owner's Capital of $5,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, 1/30 2 Sold merchandise on account $1,600, terms 1/10, n/30. The cost of the merchandise sold was $1,200. 5 Received credit from Braun's Wholesale Supply for merchandise returned $400. 9 Received collections in full, less discounts, from customers billed on sales of $1,600 on May 2 10 Paid Braun's Wholesale Supply in full, less discount 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,500. 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors $1,400, FOB shipping point, terms 2/10, 1/30. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,900. The merchandise sold had a cost of $1,800. 25 Purchased merchandise on account from Lumley, Inc. $600, FOB destination, terms 2/10, 1/30 27 Paid Valley Distributors in full, les discount 29 Made refunds to cash customers for defective merchandise 570. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms 30. The cost of the merchandise sold was $500 Crane Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory. No. 126 Supplies, NO. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold CRANE HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2020 Sales Sales Revenue Less Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold T Gross Profit Click if you would like to Show Work for this question: Open Show Work
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