P5-2A

Instructions Journalize the transactions for the month of June for Kern's Book Warehouse using a per- petual inventory system. P5-2A Renner Hardware Store completed the following merchandising transactions in Journalize, post, and prepare and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply the month of May. At the beginning of May, the ledger of Renner showed Cash of $5,000 a partial income statement (LO 2, 3, 5) $4.200, terms 2/10, n/30. Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. GLS 2 5 Received credit from Braun's Wholesale Supply for merchandise returned 9 $300. Received collections in full, less discounts, from customers billed on sales of $2,100 on May 2 10 Paid Braun's Wholesale Supply in full, less discount 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,400. 15 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 17 24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2.000. 25 Purchased merchandise from Lumley, Inc. $620, FOB destination, terms 19 2/10, n/30