Problem 5-2A (Part Level Submission) Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $4,900 and Common Stock of $4,900. vel May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,400, terms 2/10, 1/30. 2 Sold merchandise on account $2,400, terms 1/10, 130. The cost of the merchandise sold was $1,140. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $2,400 on May 2. 10 Paid Gray's Wholesale Supply in full, less discount 11 Purchased supplies for cash $370. 12 Purchased merchandise for cash $1,200. 15 Received refund for poor quality merchandise from supplier on cash purchase $190. 17 Purchased merchandise from Amland Distributors $1,100, FOB shipping point terms 2/10, 1/30. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,870. The merchandise sold had a cost of $2,110. 25 Purchased merchandise from Horvath, Inc. $680, FOB destination, terms 2/10, 1/30 27 Paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30 31 Sold merchandise on account $1,270, terms 130. The cost of the merchandise sold was $500. study Latona Hardware'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. Your answer is partially correct. Try again. Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) No. 101 Cash Date Ref Debit Credit Balance Explanation Balance May 1 4900 May 9 31 T 7276 TMay 10 iriririririri May 119 TMay 12 IT WWW 1200 May 150 May 19 1T 170 May 20 TMay 270 TMay 29 Rer Accounts Receivable Date Explanation May 2 No. 112 Accounts Receivable Date Explanation Ref Debit Credit Balance TMay 2 2400 i 2400 TMay 9 1270 TMay 31 Inventory Date 1270 No. 120 Explanation Ref Debit Credit Balance TMay 11 4400 4400 3260 TMay 2 Y May 5 019 2960 11 May 10 May 120 01 1 2001 TIM May 157 T TMay 17 JT 1 100 TMay 19 01 170 May 247 JIT I T 2110 TMay 25 1 680 TL May 27 TMay 25 ESOURCES work Part Level (Part Level TMay 29 111 2A (Part hission 3A (Part May 310 Supplies Date No. 126 Explanation Ref Balance SA Part mission 3701 May 11 Accounts Payable Date Explanation pre sults by Study No. 201 Ref TMay 1 4400 Mays SEPPE May 10 ay 120 May 250 OTT L 1100 May 27 Common Stock Date Explanation No. 311 Ref Debit Credit Balance May Ban 4900 Sales Revenue Date No. 401 Explanation Credit May20 2400 Problem 5-2A (Part Level Submission) Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $4,900 and Common Stock of $4,900. vel May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,400, terms 2/10, 1/30. 2 Sold merchandise on account $2,400, terms 1/10, 130. The cost of the merchandise sold was $1,140. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $2,400 on May 2. 10 Paid Gray's Wholesale Supply in full, less discount 11 Purchased supplies for cash $370. 12 Purchased merchandise for cash $1,200. 15 Received refund for poor quality merchandise from supplier on cash purchase $190. 17 Purchased merchandise from Amland Distributors $1,100, FOB shipping point terms 2/10, 1/30. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,870. The merchandise sold had a cost of $2,110. 25 Purchased merchandise from Horvath, Inc. $680, FOB destination, terms 2/10, 1/30 27 Paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30 31 Sold merchandise on account $1,270, terms 130. The cost of the merchandise sold was $500. study Latona Hardware'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. Your answer is partially correct. Try again. Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) No. 101 Cash Date Ref Debit Credit Balance Explanation Balance May 1 4900 May 9 31 T 7276 TMay 10 iriririririri May 119 TMay 12 IT WWW 1200 May 150 May 19 1T 170 May 20 TMay 270 TMay 29 Rer Accounts Receivable Date Explanation May 2 No. 112 Accounts Receivable Date Explanation Ref Debit Credit Balance TMay 2 2400 i 2400 TMay 9 1270 TMay 31 Inventory Date 1270 No. 120 Explanation Ref Debit Credit Balance TMay 11 4400 4400 3260 TMay 2 Y May 5 019 2960 11 May 10 May 120 01 1 2001 TIM May 157 T TMay 17 JT 1 100 TMay 19 01 170 May 247 JIT I T 2110 TMay 25 1 680 TL May 27 TMay 25 ESOURCES work Part Level (Part Level TMay 29 111 2A (Part hission 3A (Part May 310 Supplies Date No. 126 Explanation Ref Balance SA Part mission 3701 May 11 Accounts Payable Date Explanation pre sults by Study No. 201 Ref TMay 1 4400 Mays SEPPE May 10 ay 120 May 250 OTT L 1100 May 27 Common Stock Date Explanation No. 311 Ref Debit Credit Balance May Ban 4900 Sales Revenue Date No. 401 Explanation Credit May20 2400