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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 $8,400 and Common Shares of $8,400.
May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,400, terms 210,n30.
2 Sold merchandise on account for $4,500, terms n30. The cost of the merchandise sold was $3,600.
5 Received credit from Hilton Wholesale Supply for merchandise returned $260.
9 Received collections in full from customers billed on May 2.
10 Paid Hilton Wholesale Supply in full, less discount.
11 Purchased supplies for cash $900.
12 Purchased merchandise for cash $2,700.
15 Received $300 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Northern Distributors for $2,500, terms 210,n30.
19 Paid freight on May 17 purchase $300.
24 Sold merchandise for cash $5,300. The cost of the merchandise sold was $4,200.
25 Purchased merchandise from Toolware Inc. for $800, terms 310,n30.
27 Paid Northern Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $120. The returned merchandise was returned to
inventory and had cost $92.
31 Sold merchandise on account for $1,200, terms n30. The cost of the merchandise sold was $900.
Martinez Hardware uses a perpetual imventory system and expects a return rate of 3% 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 0 for the amounts. Round your answers to 0
decimal places, eg.5,275. Record journal entries in the order presented in the problem. List all debit entries before credit
entries.)
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