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Rain Hardware Store completed the following merchandising transactions in the month of August. At the beginning of August, the ledger of Rain showed Cash of
Rain Hardware Store completed the following merchandising transactions in the month of August. At the beginning of August, the ledger of Rain showed Cash of $5,000 and Owner's Capital of $5,000. Date Transactions August 1 August 3 August 5 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10,n/30. Paid freight on purchase of inventory amounting to $130. Received credit from Braun's Wholesale Supply for merchandise returned $300. August 9 August 12 Paid Braun's Wholesale Supply in full, less discount. Purchased merchandise for cash $1,400. Received refund for poor quality merchandise from supplier on cash purchase $150. August 13 August 18 Sold merchandise on account $3,200 terms 1/10,n/30. The merchandise sold had a cost of $2,000. August 20 Made refunds to customers for defective merchandise $100. The returned merchandise had a fair value of $50. August 26 Received collection in full from customers billed on August 18 REQUIRED: Journalize the transactions for the month of August using perpetual inventory system
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