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Problem 5-2A (Part Level Submission) Latona Hardware Store completed the following merchandising transactions the month of May At the beginning of May, the ledger of Latona showed Cash of $5,000 and Common Stock of $5,000. Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. May 10 Paid Gray's Wholesale Supply in full. less discounomers billed on sales of $2,100 on May 2. 11 Purchased supplies for cash $400 12 Purchased merchandise for cash $1,400 17 Purchased merchandiee from Amland Dictributors 1.300. FOB shinning noint, terms 2/10. n/30. 19 Paid freight on May 17 purchase $130. 24 Sold merchandise for cash $3,200. The merchandise sold had cost of $2,000. 620, FOB destination, terms 2/10, n/30 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $560 Latona 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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Account Titles and Explanation Date Debit Credit May 1 Inventory 4200 Accounts Payable 4200 May 2 Accounts Receivable 2100 Sales Revenue 2100 (To record credit sale) May 2 Cost of Goods Sold 1300 1300 Inventory (To record cost of merchandise sold) May 5 Accounts Payable 300 Inventory 300 May 9 Cash 2079 Sales Discounts 21 Accounts Receivable 2100 May 10 Accounts Payable 3900 Inventory 78 Cash 3822 May 11 Supplies 400 Cash 400 May 12 Inventory 1400 Cash 1400 May 15 Cash 150 Inventory 150 May 17 Inventory 1300 Accounts Payable 1300 May 19 Inventory 130 Cash 130 May 24 Cash 3200 Sales Revenue 3200 (To record cash sale) May 24 Cost of Goods Sold 2000 Inventory 2000 (To record cost of merchandise sold) Inventory May 25 620 Accounts Payable 620 May 27 Accounts Payable 1300 Inventory 26 Cash 1274 May 29 Sales Returns and Allowan Cash 70 (To record merchandise returned) 70 (To record merchandise returned) Inventory May 29 30 Cost of Goods Sold 30 (To record cost of merchandise returned) May 31 Accounts Receivable 1000 Sales Revenue 1000 (To record credit sale) May 31 Cost of Goods Sold 560 Inventory 560 (To record cost of merchandise sold) No. 101 Cash Explanation Date Ref. Debit Credit Balance V Balance J1 J1 J1 J1 J1 No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance J1 J1 J1 Inventory No. 120 Debit Balance Date Explanation Ref. Credit J1 J1 J1 J1 J1 J1 J1 Supplies No. 126 Date Explanation Ref. Debit Credit Balance J1 Accounts Payable No. 201 Explanation Date Ref. Debit Credit Balance J1 J1 J1 Common Stock No. 311 Explanation Credit Date Ref. Debit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance J1 J1 J1 Sales Returns and Allowances No. 412 Ref. Date Explanation Debit Credit Balance J1 Sales Discounts No. 414 Explanation Debit Date Ref. Credit Balance J1 Cost of Goods Sold No. 505 Explanation Date Ref. Debit Credit Balance J1 J1 J1 11
