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Post the transactions to T accounts. (Post entries in the order of journal entries presented in the que: Accounts Payable Swifty Hardware Store Inc. completed
Post the transactions to T accounts. (Post entries in the order of journal entries presented in the que: Accounts Payable Swifty Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning May, Swifty's ledger showed Cash of $7,200 and Common Shares of $7,200. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,200, terms 2/10,n/30. 2 Sold merchandise on account for $4,300, terms 3/10,n/30. The cost of the merchandise sold was $2,980. 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $860. 12 Purchased merchandise for cash $2,440. 15 Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,400, terms 2/10,n/30. 19 Paid freight on May 17 purchase $260. 24 Sold merchandise for cash $5,620. The cost of the merchandise sold was $3,810. 25 Purchased merchandise from Toolware Inc. for $870, terms 3/10,n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $110. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,170, terms n/30. The cost of the merchandise sold was $850. Swifty Hardware uses a perpetual inventory system
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