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p Can you please do the Perpetual inventory system and Periodic inventory system from this journal entries?( plz don't do hand-written answer ) P5.2A (LO
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Can you please do the Perpetual inventory system and Periodic inventory system from this journal entries?( plz don't do hand-written answer )
P5.2A (LO 2,3,5) Financial Statement Renner Hardware Store completed the following merchan- dising transactions in the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $2,100 on May 2. 10 11 12 15 17 19 24 25 Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $400. Purchased merchandise for cash $1,400. Received refund for poor quality merchandise from supplier on cash purchase $150. Purchased merchandise from Valley Distributors $1,300, FOB shipping point, terms 2/10, n/30. Paid freight on May 17 purchase $130. Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000. Purchased merchandise on account from Lumley, Inc. $620, FOB destination, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. Sold merchandise on account $1,000 terms n/30. The cost of the merchandise sold was $560. 27 29 31Step by Step Solution
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