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During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions Refer to the Chart of Accounts for

During May, the last month of the fiscal year, the following transactions were completed:

Record the following transactions Refer to the Chart of Accounts for the exact wording of account titles.

CHART OF ACCOUNTS
Palisade Creek Co.
General Ledger
ASSETS
110 Cash
112 Accounts Receivable
115 Inventory
116 Estimated Returns Inventory
117 Prepaid Insurance
118 Store Supplies
123 Store Equipment
124 Accumulated Depreciation-Store Equipment
LIABILITIES
210 Accounts Payable
211 Salaries Payable
212 Customers Refunds Payable
EQUITY
310 Common Stock
311 Retained Earnings
312 Dividends
313 Income Summary
REVENUE
410 Sales
EXPENSES
510 Cost of Goods Sold
520 Sales Salaries Expense
521 Advertising Expense
522 Depreciation Expense
523 Store Supplies Expense
529 Miscellaneous Selling Expense
530 Office Salaries Expense
531 Rent Expense
532 Insurance Expense
539 Miscellaneous Administrative Expense

During May, the last month of the fiscal year, the following transactions were completed:

May 1 Paid rent for May, $5,000.
3 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
4 Paid freight on purchase of May 3, $600.
6 Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000.
7 Received $22,300 cash from Halstad Co. on account.
10 Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000.
13 Paid for merchandise purchased on May 3.
15 Paid advertising expense for last half of May, $11,000.
16 Received cash from sale of May 6.
19 Purchased merchandise for cash, $18,700.
19 Paid $33,450 to Buttons Co. on account.
20 Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000.

Record the following transactions. Refer to the Chart of Accounts for exact wording of account titles.

May 20 Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the goods sold was $70,000.
21 For the convenience of Crescent Co., paid freight on sale of May 20, $2,300.
21 Received $42,900 cash from Gee Co. on account.
21 Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
24 Returned of damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
26 Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
28 Paid sales salaries of $56,000 and office salaries of $29,000.
29 Purchased store supplies for cash, $2,400.
30 Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the goods sold was $47,000.
30 Received cash from sale of May 20 plus freight paid on May 21.
31 Paid for purchase of May 21, less return of May 24.

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