Question
May Purchased merchandise on account from Hilton Wholesale Supply for $8,200, terms 2/10, n/30. 1 2 5 Sold merchandise on account for $4,100, terms
May Purchased merchandise on account from Hilton Wholesale Supply for $8,200, terms 2/10, n/30. 1 2 5 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,380. Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $930. 12 Purchased merchandise for cash $2,920. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 47 17 Purchased merchandise from Northern Distributors for $2,400, terms 2/10, n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for cash $5,780. The cost of the merchandise sold was $4,000. 25 Purchased merchandise from Toolware Inc. for $820, terms 3/10, n/30. 27 27 29 29 31 Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. Sold merchandise on account for $1,390, terms n/30. The cost of the merchandise sold was $840.
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