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May, Martinez's ledger showed Cash of $ 8 , 4 0 0 and Common Shares of $ 8 , 4 0 0 . May 1
May, Martinez's ledger showed Cash of $ and Common Shares of $
May Purchased merchandise on account from Hilton Wholesale Supply for $ terms
Sold merchandise on account for $ terms The cost of the merchandise sold was $
Received credit from Hilton Wholesale Supply for merchandise returned $
Received collections in full from customers billed on May
Paid Hilton Wholesale Supply in full, less discount.
Purchased supplies for cash $
Purchased merchandise for cash $
Received $ refund for return of poorquality merchandise from supplier on cash purchase.
Purchased merchandise from Northern Distributors for $ terms
Paid freight on May purchase $
Sold merchandise for cash $ The cost of the merchandise sold was $
Purchased merchandise from Toolware Inc. for $ terms
Paid Northern Distributors in full, less discount.
Made refunds to cash customers for returned merchandise $ The returned merchandise was returned to
inventory and had cost $
Sold merchandise on account for $ terms The cost of the merchandise sold was $
Martinez Hardware uses a perpetual imventory system and expects a return rate of on all sales.
a
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 for the amounts. Round your answers to
decimal places, eg Record journal entries in the order presented in the problem. List all debit entries before credit
entries.
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