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Page 1 Wallenpaupack Lake Co. is a retail business that uses the perpetual inventory system. The account balances for Wallenpaupack as of May 1, 2049 (unless otherwise indicated). are as follows: 110 Cash 112 Accounts Receivable 115 Inventory 116 Estimated Returns tvertory 117 Prepaid Insurance 118 Store Supplies 123 Store Equipment 124 Accumulated Depreciation- Store Equipment 210 Accounts Payable 211 5alaries Payable 212 Customer Refunds Payable 310 Common Stock 311 Retained Earnings $83.600 233,900 624400 28,000 16.100 11.400 569.500 $ 135,000 5,060,000 2.823.000 664.800 281,000 -312 Dividends 410 Sales 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 Hent Expense 532 Insurance Expense 539 Miscellaneous Administrative Expense 56.700 96,600 12,600 382,100 83.700 50.000 100.000 585300 7.800 During May, the last month of the fiscal year, the following transactions were completed 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, 1/30, 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 20. Sold merchandise on account to Crescent Co. terms 1/10, 1/30, 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. lujo 5 6 7 8 R. Page