Can you please right it out as debit credit balance and explain how you got the balance please?
CALCULATOR PRINTER VERSION BACK NEXT Problem 5-02A a-c (Video) Oriole Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Oriole showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, n/30. 2 Sold merchandise on account $2,300, 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 $250. 9 Received collections in full, less discounts, from customers billed on sales of $2,300 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, n/30. 19 Paid freight on May 17 purchase $110. 24 Sold merchandise for cash $3,400. The merchandise sold had a cost of $1,900. 25 Purchased merchandise on account from Lumley, Inc. $550, FOB destination, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair value of $40. 31 Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600. Oriole 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. (To record cash sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) V (To record cost of merchandise sold) LINK TO TEXT LINK TO TEXT LINK TO TEXT Activate Windows Go to Settings to activate Windows Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) 1 4:44 PM o search AI e a 97F Advisory 6/13/2021 Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Balance Date Explanation Ref. Debit Credit v Balance V 31 V J1 V 31 V J1 V J1 J1 V 31 11 J1 No. 112 Accounts Receivable Explanation Ref. Date Debit Credit Balance V 31 V 31 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance 31 31 J1 V J1 11 J1 V J1 V J1 J1 J1 Activate Windows Go to Settings to activate Windows. 31 J1 J1 ere to search O I a W 97F Advisory ^ a 4) 4:45 PM 6/13/2021 m2 II Supplies No. 126 Date Explanation Ref. Debit Credit Balance J1 No. 201 Accounts Payable Explanation Ref. dy Date Debit Credit Balance J1 J1 V 31 V 11 V 31 J1 No. 301 Owner's Capital Explanation Date Ref. Debit Credit Balance v Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance V 31 11 J1 No. 412 Sales Returns and Allowances Explanation Date Ref. Debit Credit Balance V J1 No. 414 Sales Discounts Explanation Ref. Date Debit Credit Balance V 31 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance J1 V J1 V 31 J1 LINK TO TEXT LINK TO TEXT LINK TO TEXT Activate Windows Go to Settings to activate Windows, Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ADOLU 4:45 PM e here to search o i H | W 97F Advisory ACN 6/13/2021 73 No. 412 Sales Returns and Allowances Explanation Ref. Date Debit Credit Balance 31 No. 414 Sales Discounts Explanation Ref. Date Debit Credit Balance V 11 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance 31 V J1 31 31 LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLE HARDWARE STORE Income Statement (Partial) $ 5 Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Activate Windows Go to Settings to activate Windows. Question Attempts: Unlimited SAVE FOR LATER SUBMIT ANSWER 7:40 PM ere to search o gi 97F Advisory n 6/13/2021
