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based on the info from photo #1 can someone help fill out photo 2,3,4? thank you Problem 5-02A a-c (Video) Crane Hardware Store completed the
based on the info from photo #1 can someone help fill out photo 2,3,4? 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, 1/30. 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, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms 1/30. 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 SOS Cost of Goods Sold. Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record cash sale) (To record cost of merchandise sold) IU CU LUUL UILICIUS SUI) (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) (To record cost of merchandise sold) LINK TO TOT LINK TO TEXT LINK TO TEXT Step by Step Solution
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