part b
Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the reager or crane shume Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,500, terms 2/10, 1/30. 2 Sold merchandise on account $2,000, terms 1/10, 1/30. The cost of the merchandise sold was $1,400. S Received credit from Braun's Wholesale Supply for merchandise returned $250. 9 Received collections in full less discounts, from customers billed on sales of $2,000 on May 2. 10 Pald Braun's Wholesale Supply in full, less discount 11 Purchased supplies for cash $300 12 Purchased merchandise for cash $1,400 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors $1,300, FOB shipping point, terms 2/10, 1/30. 19 Pald freight on May 17 purchase $120. 24 Sold merchandise for cash $3,500. The merchandise sold had a cost of $1,900. 25 Purchased merchandise on account from Lumley, Inc. $750, FOB destination, terms 2/10, 1/30. 27 Paid Valley Distributors in full, less discount 29 Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms /30. The cost of the merchandise sold was $500. Crane Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods sold. CALCULATOR PRINTER VERS (b) Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Date Explanation Ref. Debit Credit Balance Balance 31 01 01 J1 31 01 21 31 Accounts Receivable Date Explanation Ref. Debit Credit No. 112 Balance to search O RI a AM 4 d TILLUNT U BIDCkboard US Wandt, Accounting Principles, 13e s Date Explanation CALCULATOR Ref. Debit PRINTER VER Credit Balance J1 J1 J1 Inventory Date Explanation Ref. Debit Credit No. 120 Balance 1 31 11 11 31 J1 1 J1 31 to search O a J1 CALCULATOR J1 PRIN 31 J1 Supplies Date Explanation Ref. Debit Credit No. 126 Balance 31 Accounts Payable Explanation Date Ref. Debit Credit No. 201 Balance J1 J1 31 31 v J1 31 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit Balance earch 0 R Help System Announcements 13e ES J1 CALCULATOR PRINTER Owner's Capital Date Explanation Ref. Debit Credit No. 301 Balance Balance Sales Revenue Date Explanation Ref. Debit Credit No. 401 Balance 1 v J1 01 Sales Returns and Allowances Date Explanation Ref. Debit No. 412 Balance Credit 31 No. 414 Sales Discounts Date Explanation Ref. Debit Credit Balance J1 Cost of Goods Sold Date Explanation No. SOS Balance Ref. Debit Credit J1 J1 ORI E a ** o search Sales Discounts Date Explanation CALCI No. 414 Ref. Debit Credit 31 Cost of Goods Sold Date Explanation Ref. Debit Credit No. 505 Balance J1 31 31 31 Click if you would like to Show Work for this question: Open Show Work By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor. Attempts: 0 of 2 used % Eam Maximum Point only if you answer the correctly in your first Bahn 1982 di croes To Dart be available when you complete the part above G a O FI EN ** search
