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Janssen Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Janssen's ledger showed Cash of $11, 058
Janssen Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Janssen's ledger showed Cash of $11, 058 and Common Stock of $11, 058. Purchased merchandise on account from Vanco Wholesale Supply for $8, 300, terms 1/10, n/30. Sold merchandise on account for $5, 300, terms 2/10, n/30. The cost of the merchandise sold was $3, 975. Received credit from Vanco Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Vanco Wholesale Supply in full, less discount. Purchased supplies for cash $1, 244. Purchased merchandise for cash $4, 285. Received $318 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Stickler Distributors for $4, 400, terms 2/10, n/30. Paid freight on May 17 purchase $346. Sold merchandise for cash $7, 602. The cost of the merchandise sold was $5, 667. Purchased merchandise from Fasteners Inc. for $1, 106, terms 3/10, n/30. Paid Stickler Distributors in full, less discount. Made refunds to cash customers for returned merchandise $126. The returned merchandise had cost $95. Sold merchandise on account for $1, 769, terms n/30. The cost of the merchandise sold was $1,147. Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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