ignment Question 2 of 5 > 0.61/3 Bridgeport Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Bridgeport's ledger showed Cash of $7,000 and Common Shares of $7,000. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Hilton Wholesale Supply for $7,000, terms 2/10, 1/30. Sold merchandise on account for $3,800, terms n/30. The cost of the merchandise sold was $2,900. Received credit from Hilton Wholesale Supply for merchandise returned $190. Received collections in full from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $760. Purchased merchandise for cash $2.350. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,150, terms 2/10, 1/30. Paid freight on May 17 purchase $230. Sold merchandise for cash $4,600. The cost of the merchandise sold was $3,500. Purchased merchandise from Toolware Inc. for $660, terms 3/10, n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $106. The returned merchandise was returned to inventory and had cost $78. Sold merchandise on account for $1.100, terms n/30. The cost of the merchandise sold was $760. 17 19 24 25 27 29 31 Bridgeport Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. (a) Your answer is partially correct. Record the above transactions. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg 5,775. List all debit entries before credit entries.) Debit Credit Date Account Titles and Explanation 7.000 May 1 Inventory 7.000 Accounts Payable 3,800 May 2 Accounts Receivable 3,800 3800 ssignment Question 2 of 5 0.61/3 May 24 Cost of Goods Sold 3,500 3,500 Inventory 3,500 (Cost of goods sold recorded) May 25 Inventory 660 Accounts Payable 660 May 27 Accounts Payable Inventory Cash 106 May 29 106 Cash (Return of merchandise) 78 May 29 Inventory 78 0.61/3 (Return of merchandise, assuming goods are resaleable and returned to inventory) May 31 Accounts Receivable 1,100 1.100 Sales 1,100 (Sale of merchandise) May 31 v Cost of Goods Sold 760 760 Inventory 760 (Cost of goods sold recorded) Assistance Used e Textbook and Media e Textbook 1 e Textbook 2 e Textbook 3
