Question $1$ of $12$

Wildhorse's Greenhouse supplies bedding plants and other gardening products to a variety of stores across Alberta and also has a local greenhouse open to the public. Wildhorse's uses a perpetual inventory system and the earnings approach for revenue recognition. Transactions for the business are shown below:

May $2$ Purchased FOB shipping point.

$3$ The correct company paid cash for the $$170$ shipping charges. $\frac{1}{10},\frac{n}{30}$ and the cost was $$20$ per basket. Wildhorse's paid the shipping charge of $$75$ on the same day,

$5$ Received a credit from Planters R Us for the return of $60$ hanging baskets that had defective hangers.

$720$ of the baskets $7$ not have enough room to store them.

$12$ Made a payment on account for the balance owing to Planters R Us for the purchase of May $2.$

$13$ Received a cheque for the appropriate amount from the hardware store for the say $4.$

Prepare journal entries to record the above transactions using the perpetual method. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is reauired, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order all debit entries before credit entries.$)$

Debit

Credit

Date

Account Titles and Explanation