Question
Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of May, the ledger of Robinson showed a Cash
Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of May, the ledger of Robinson showed a Cash balance of $6,000. May 1 Purchased merchandise on account from Logun Ltd. $4,600,terms 2/10,n/30.
May 2 Sold merchandise on account $2,100,terms 1/15, n/30.The cost of the merchandise sold was $1,300.
May 5 Purchased merchandise for cash $1,500.
May 7 Received credit from Logun Ltd. for merchandise returned $300.
May 10 Paid Logun Ltd. for purchase in May 1.
May 12 Received payment in cash from customers billed on sales of $2,100 on May 2.
May 15 Received refund for the return of poor quality merchandise on cash purchase $150.
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.
May 24 Sold merchandise for cash $3,200.The merchandise sold had a cost of $2,000.
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.
May 27 Paid Costa Distributors for the purchase in May 17.
May 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a scrap value of $20.
May 31 Sold merchandise on account $900,terms n/30.The cost of the merchandise sold was $560.
Journalize the following transactions of May (Assume that the company follows Perpetual Inventor System)
May 1 Purchased merchandise on account from Logun Ltd. $4,600,terms 2/10,n/30.
May 2 Sold merchandise on account $2,100,terms 1/15, n/30.The cost of the merchandise sold was $1,300.
May 5 Purchased merchandise for cash $1,500.
May 7 Received credit from Logun Ltd. for merchandise returned $300.
May 10 Paid Logun Ltd. for purchase in May 1.
May 12 Received payment in cash from customers billed on sales of $2,100 on May 2.
May 15 Received refund for the return of poor quality merchandise on cash purchase $150.
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.
May 24 Sold merchandise for cash $3,200.The merchandise sold had a cost of $2,000.
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.
May 27 Paid Costa Distributors for the purchase in May 17.
May 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a scrap value of $20.
May 31 Sold merchandise on account $900,terms n/30.The cost of the merchandise sold was $560.
Journalize the following transactions of May (Assume that the company follows Perpetual Inventor System)
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