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