May $21$: Purchased merchandise on account from Osterman Co$.,$ terms $1/10,$ n$/30,$ FOB destination, $$88,000.$

Date Description Post. Ref. Debit Credit

May $21$

Inventory

fill in the blank $119$

$88,000$

fill in the blank $120$

Accounts Payable$-$Osterman Co$.$

fill in the blank $122$

fill in the blank $123$

$88,000$

May $24$: Returned damaged merchandise purchased on May $21,$ receiving a credit memo from the seller for $$5,000.$

Date Description Post. Ref. Debit Credit

May $24$

Accounts Payable$-$Osterman Co$.$

fill in the blank $125$

$5,000$

fill in the blank $126$

Inventory

fill in the blank $128$

fill in the blank $129$

$5,000$

May $26$: Refunded cash on sales made for cash, $$7,500.$ The cost of the merchandise returned was $$4,800.$

Date Description Post. Ref. Debit Credit

May $26-$Refund

Customers Refunds Payable

fill in the blank $131$

$7,500$

fill in the blank $132$

Cash

fill in the blank $134$

fill in the blank $135$

$7,500$

May $26-$Cost

Inventory

fill in the blank $137$

$4,800$

fill in the blank $138$

Estimated Returns Inventory

fill in the blank $140$

fill in the blank $141$

$4,800$

May $28$: Paid sales salaries of $$56,000$ and office salaries of $$29,000.$

Date Description Post. Ref. Debit Credit

May $28$

Sales Salaries Expense

fill in the blank $143$

$56,000$

fill in the blank $144$

Office Salaries Expense

fill in the blank $146$

$29,000$

fill in the blank $147$

Cash

fill in the blank $149$

fill in the blank $150$

$85,000$

May $29$: Purchased store supplies for cash, $$2,400.$

Date Description Post. Ref. Debit Credit

May $29$

Store Supplies

fill in the blank $152$

$2,400$

fill in the blank $153$

Cash

fill in the blank $155$

fill in the blank $156$

$2,400$

May $30$: Sold merchandise on account to Turner Co$.,$ terms n$/30,$ FOB shipping point, $$78,750.$ The cost of the goods sold was $$47,000.$

Date Description Post. Ref. Debit Credit

May $30-$Sales

Accounts Receivable$-$Turner Co$.$

fill in the blank $158$

$78,750$

fill in the blank $159$

Sales

fill in the blank $161$

fill in the blank $162$

$78,750$

May $30-$Cost

Cost of Goods Sold

fill in the blank $164$

$47,000$

fill in the blank $165$

Inventory

fill in the blank $167$

fill in the blank $168$

$47,000$

May $31$: Received cash from sale of May $21$ plus freight.

Date Description Post. Ref. Debit Credit

May $31$

Cash

fill in the blank $170$

$88,000$

fill in the blank $171$

Accounts Receivable$-$Crescent Co$.$

fill in the blank $173$

fill in the blank $174$

$88,000$

May $31$: Paid for purchase of May $21,$ less return of May $24.$

Date Description Post. Ref. Debit Credit

May $31$

Accounts Payable$-$Osterman Co$.$

fill in the blank $176$

$83,000$

fill in the blank $177$

Cash

fill in the blank $179$

fill in the blank $180$

$5,000$

Inventory