Question
Record Transactions in the general journal May 1 .Paid rent for May, $5,000. May 2. Sold merchandise on account to Korman Co., terms n/15, FOB
Record Transactions in the general journal
May 1 .Paid rent for May, $5,000.
May 2. Sold merchandise on account to Korman Co., terms n/15, FOB shipping point, $68,500. The cost of the goods sold was $41,000.
May 3. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
May 4. Paid freight on purchase of May 3, $600.
May 7. Received $22,300 cash from Halstad Co. on account.
May 10. Sold merchandise with a list price of 61500 to customers who used Visa and who redeemed 7500 of point of sale coupons. The cost of the goods solds was 32000 .
May 13. Paid for merchandise purchased on May 3.
May 15. Paid advertising expense for last half of May, $11,000.
May 17. Received cash from sale of May 2.
May 19. Purchased merchandise for cash, $18,700.
May 19. Paid $33,450 to Buttons Co. on account.
May 20. Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 2. The cost of the returned merchanside was 8000
MAy 21. Sold merchandise on account to Crescent Co., terms n/eom ,FOB shipping point, $110,000. The cost of the goods sold was $70,000.
May 21. For the convenience of Crescent Co., paid freight on sale of May 21, $2,300.
May 21. Received $42,900 cash from Gee Co. on account.
May 21. Purchased merchandise on account from Osterman Co., terms 1/10, n/30, FOB destination, $88,000.
May 24. Refund damaged merchandise purchased on May 21, receiving a credit memo from the seller for $5,000.
May 26. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800.
May 28. Paid sales salaries of $56,000 and office salaries of $29,000.
May 29. Purchased store supplies for cash, $2,400.
May 30. Sold merchandise on account to Turner Co., terms n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000
May 31. Received cash from sale of May 21 plus freight
May 31. Paid for purchase of May 21, less return of May 24.
Thanks
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