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please find out ledger of every entry. thanks Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of
please find out ledger of every entry.
thanks
Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of May, the ledger of Robinson showed Cash balance of $6,000. May 5 Purchased merchandise for cash $1,500. 11 11 May 2 Sold merchandise on account $2,100,terms 1/15, n/30. The cost of the merchandise sold was $1,300. May 5 Purchased merchandise for cash $1,500. May 7 Received credit from Logun Ltd. for merchandise returned $300. May 10 Paid Logun Ltd. for purchase in May 1. May 12 Received payment in cash from customers billed on sales of $2,100 on May 2. May 15 Received refund for the return of poor quality merchandise on cash purchase $150. May 17 Purchased merchandise from Costa Distributors $1,300, FOB shipping point, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. May 24 Sold merchandise for cash $3,200.The merchandise sold had a cost of $2,000. a May 25 Purchased merchandise from Bonanza, Inc. $550, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $130 for freight on this date. May 27 Paid Costa Distributors for the purchase in May 17. May 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a scrap value of $20. May 31 Sold merchandise on account $900,terms n/30. The cost of the merchandise sold was $560 Step by Step Solution
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