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Please help I'm not sure if i put the right dates Splish Brothers Inc; completed the following merchandising transactions in the month of May. At
Please help I'm not sure if i put the right dates
Splish Brothers Inc; completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Splish Brothers inc. showed Cash of $8,000 and Common 5 tock of $8,800. May 1 Purchased merchandise on account from Black Wholesale Supply tor $7300, terms 1/10, n/30 2. Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3.600 5 Reccived credit irom Black Wholesale Supply for merchandise returned $200. 9 Recelved collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply infull, less discount. 11 Purchased supplies for cash S800. 12 Purchased merchandise for cash $3,100. 15 Received 5210 refund for return of poor quality merchandise from supplier on cash purthase- 17 Purchased merchandise on account from Wilbelm Distributors for $2,400, terms 2/10, N 30. 19 Pald freight on May 17 purchase $250. 24 Sold merchandise for cash 55,500 . The merchandise sold had a cost of 33,400 . 25 Purchased merchandise on account from Clasph, Inc, For 5800 , terow 3/10,n/30 27 Paid Witheim Distributors in full. less discountr. 29 Made relunds to cath customers for returned merchandee $124 The returnod merchandise cost $8 31 Sold merchandise on account for $1,360 terme ni30. The cost of the imerct indithe sold was $340 Splish Brothers Inc.'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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. (a) Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts. Record journal entries in the order presented in the problem.) (To record credit sale) (To record cost of merchandise sold) May9 May11:) May 12 : May 15: : May 19 ? (To record cash sale) May 25 (To record cost of merchandise sold) May 27: May 29: May31 \$ (To record merchandise returned) Step by Step Solution
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