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) Journalize 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,n/30. Account to be debited is?

1. The debit amount is $ ?

2. Account to be credited is ?

3. The credit amount is $ ?

4. The credit amount is $ ?

B)

1. May 5 Purchased merchandise for cash $1,500. Account to be debited is ?

2. The debit amount is $?

3. Account to be credited is?

4. The credit amount is $?

C)

1. May 7 Received credit from Logun Ltd. for merchandise returned $300. Account to be debited is?

2. The debit amount is $?

3. Account to be credited is?

4. The credit amount is $?

D)

1. May 10 Paid Logun Ltd. for purchase in May 1. Account to be debited is ?

2. The debit amount is $?

3. Account to be credited (lesser of the two credit accounts) is?

4. The credit amount is $?

5. The other account to be credited is?

6. The credit amount is $?

E)

1. May 12 Received payment in cash from customers billed on sales of $2,100 on May 2. Account to be debited (greater of the two debits) is?

2.The debit amount is $?

3. The other account to be debited is?

4. The debit amount is $?

5. Account to be credited is?

6. The credit amount is $?

F)

1.May 15 Received refund for the return of poor quality merchandise on cash purchase $150. Account to be debited is?

2.The debit amount is $?

3. Account to be credited is?

4. The credit amount is $?

G)

1. May 17 Purchased merchandise from Costa Distributors $1,300, FOB shipping point, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. Account to be debited is?

2. The debit amount is $?

3. Account to be credited (greater of the two credits) is?

4.The credit amount is $?

5. The other account to be credited is?

6. The credit amount is $?

H)

1.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?

2. The debit amount is $?

3.Account to be credited is?

4. The credit amount is $?

5. The other account to be debited is?

6.The debit amount is $?

7.The other account to be credited is?

8. The credit amount is $?

I)

1.May 25 Purchased merchandise from Bonanza, Inc. $550, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $130 for freight on this date. Account to be debited is?

2.The debit amount is $?

3. Account to be credited is?

4. The credit amount is $?

J)

1. May 27 Paid Costa Distributors for the purchase in May 17. Account to be debited is?

2. The debit amount is $?

3. Account to be credited (lesser of the two credits) is?

4. The credit amount is $?

5. The other account to be credited is?

6.The credit amount is $?

J)

1.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?

2. The debit amount is $?

3. Account to be credited (greater of the two credits) is?

4.The credit amount is $?

5.The other account to be debited is?

6. The debit amount is $?

7.The other account to be credited is?

8. The credit amount is $?

K)

1.May 31 Sold merchandise on account $900,terms n/30.The cost of the merchandise sold was $560. Account to be debited (greater of the two debits) is?

2.The debit amount is $?

3. Account to be credited (greater of the two credits) is?

4. The credit amount is $?

5. The other account to be debited is?

6.The debit amount is $?

7.The other account to be credited is?

8. The credit amount is $?

Problem #1 (b)

3.0 points possible (graded, results hidden)

(b) Post the transactions in the following ledger accounts i) Cash ii) Merchandise Inventory iii) Cost of Goods Sold

need to know the last portion which is problem #1 B