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Could someone please answer the following question below, there are multiple parts. I will be sure to give a thumbs up! A) Journalize the transactions
Could someone please answer the following question below, there are multiple parts. I will be sure to give a thumbs up!
A) Journalize the transactions using a perpetual inventory system.
B) Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances.
C) Prepare an income statement through gross profit for the month of May 2017.
D)
Problem 5-1A Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash Winters of $8,000 and Common Stock of $8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,700, terms 1/10, n/30. 2 Sold merchandise on account for $4,200, terms 2/10, n/30. The cost of the merchandise sold was $3,150. 5 Received credit from Black Wholesale Supply for merchandise returned $500. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,100. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $3,400, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $150. The returned merchandise had cost $96. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830Step by Step Solution
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