Journalize Merchandising Transactions

Page 26 PROBLEM 5-1A (a, only) Journalize Merchandising Transactions CHAPTER 5 GENERAL JOURNAL Date Account Titles Debit Credit Continued on following page CHAPTER 5 Page 27 PROBLEM 5-1A (a. only) Continued GENERAL JOURNAL Date Account Titles Debit Credit Check figure: Total debits $50,304 re PSIA Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and nd Common Stock of $8,000. May Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. 2 Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300. 5 Received credit from Black Wholesale Supply for merchandise returned $200 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,100. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $2,500, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise S124. The returned merchandise had cost $90. 1 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830 1 Winters Hardware's chart of accounts includes Cash, Accounts Receivable, Inventory, Supplies, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold Instructions (a) Journalize the transactions using a perpetual inventory system