Problem #1 (a) 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. a) Joumalize the following transactions of May (Assume that the company follows Perpetual Inventor System), by --- selecting the accounts to be debited and stating the debit amounts, --- selecting the accounts to be credited and stating the credit amounts. May 1 Purchased merchandise on account from Logun Ltd. $4,600,terms 2/10,830. Account to be debited is The debit amount is $ Account to be credited is The credit amount is $ May2 Sold merchandise on account $2,100,te ms 1/15, 1130. The cost of the merchandise sold was $1,300 Account to be debited in relation to income is The debit amount is $ Account to be credited in relation to income is The credit amount is $ The other account to be debied is The debit amount is $ The other account to be credited is The credit amount is $ May 5 Purchased merchandise for cash $1,500. Account to be debited is The debit amount is $ Account to be credited is The credit amount is $ May 15 Received refund for the return of poor quality merchandise oncash purchase $150. Account to be debited is The debit amount is $ Account to be credited is The credit amount is $ May 17 Purchased merchandise from Costa Distributors $1,300, FOB shipping point, tems 2/10, 130. The appropriate party also made a cash payment of$100 for freight on this date. Account to be debited is The debit amount is $ Account to be credited (greater of the two credits) is The credit amount is $ The other account to be credited is The credit amount is $ May 24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000. Account to be debited in relation to income) is The debit amount is $ Account to be credited is The credit amount is $ The other account to be debited is The debit amount is $ The other account to be credited is The credit amount is $ May 25 Purchased merchandise from Bonanza, Inc. $550, FOB destination, terms 2/10, 1/30. The appropriate party also made a cash payment of $130 for freight on this date. Account to be debited is The debit amount is $ Account to be credited is The credit amount is $ May 27 Paid Costa Distributors for the purchase in May17. Account to be debited is The debit amount is $ Account to be credited (lesser of the two credits) is The credit amount is $ The other account to be credited is The credit amount is $ May 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a scrap value of $20. Account to be debited (greater of the two debits) is The debit amount is $ Account to be credited (greater of the two credits) is The credit amount is $ The other account to be debited is The debit amount is $ The other account to be credited is The credit amount is $ May 31 Sold merchandise on account $900, terms w/30. The cost of the merchandise sold was $560. Account to be debited (greater of the two debits) is The debit amount is $ Account to be credited (greater of the two credits) is The credit amount is $ The other account to be debied is The debit amount is $ The other account to be credited is The credit amount is $ Problem #1 (b) (b) Post the transactions in the following ledger accounts i) Cash ii) Merchandise Inventory iii) Cost of Goods Sold