Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May Received $1,096 cash in payment of $1,000 note receivable and interest of $96. 7 Received $588 cash from K. L. Shannon in payment of April 29 invoice of $600, less cash discount. Sold merchandise on account to D. Padilla, invoice no. 272, $489. Cash sales for first half of May, $2,265. Received cash from D. Padilla in payment of invoice no. 272, less cash discount. Received $325 cash from L. N. Salas in payment of April 16 invoice, no discount. Sold merchandise on account to R. O. Wilcox, invoice no. 273, $935. Received $220 cash refund for return of defective equipment that was originally bought for cash. 27 Sold merchandise on account to R. Jarvis, invoice no. 274, $450. 31 Cash sales for second half of May, $2,845. 1 Received $2,156 cash from L. Reilly in payment of April 22 invoice of $2,200, less cash discount. 8 16 20 4 17 21 24

Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10,n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 1 Recelved $2,156 cash from L. Reilly in payment of April 22 invoice of $2,200, less cash discount. 4 Recelved $1,096 cash in payment of $1,000 note receivable and interest of $96. 7 Received $588 cash from K. L. Shannon in payment of April 29 invoice of $600, less cash discount. 8 Sold merchandise on account to D. Padilla, invoice no. 272,$489. 16 Cash sales for first half of May, $2,265. 17 Received cash from D. Padilla in payment of invoice no. 272, less cash discount. 20 Received $325 cash from L. N. Salas in payment of April 16 invoice, no discount. 21 Sold merchandise on account to R. O. Wilcox, invoice no. 273,$935. 24 Recelved $220 cash refund for return of defective equipment that was originally bought for cash. 27 Sold merchandise on account to R. Jarvis, invoice no. 274,$450. 31 Cash sales for second half of May, $2,845