sheridan hardware store completed the following merchandising transactions in the month of may. at the beginning of may, sheridans ledger showed cash of $7,600 and common stock of $7,600.

may 1 purchased merchandise on account from black wholesale supply for $7,600, terms 1/10, n/30. 2 sold merchandise on account for $4,000, terms 2/10, n/30. the cost of the merchandise sold was $2,900.

5 received credit from black wholesale supply for merchandise returned $200.

9 received collections in full, less discounts, from customers billed on may 2.

10 paid black wholesale supply in full, less discount. 11 purchased supplies for cash $900.

12 purchased merchandise for cash $2,700.

15 received $230 refund for return of poor-quality merchandise from supplier on cash purchase.

17 purchased merchandise from wilhelm distributors for $2,100, terms 2/10, n/30.

19 paid freight on may 17 purchase $250.

24 sold merchandise for cash $5,500. the cost of the merchandise sold was $4,100.

25 purchased merchandise from clasps inc. for $800, terms 3/10, n/30.

27 paid wilhelm distributors in full, less discount.

29 made refunds to cash customers for returned merchandise $128. the returned merchandise had cost $92.

31 sold merchandise on account for $1,280, terms n/30. the cost of the merchandise sold was $830.

Date Account Titles and Explanation Debit Credit May 1 4 Inventory 7600 Accounts Payable 7600 May 2 Accounts Receivable 4000 Sales Revenue (To record credit sale) Cost of Goods Sold Inventory 2900 (To record cost of merchandise sold) May 5 Accounts Payable Inventory May 9 Cash Sales Discounts Accounts Receivable May 10 136345/assignments/3827667 Sales Discounts Accounts Receivable May 10 4 May 11 May 12 May 15 : May 17 May 19 HeyPLUS x Ch 05: Homework X G Sheridan Hardware Store comp X G Sheridan Hardware Store com x urses/36345/assignments/3827667 May 24 (To record sales) (To record cost of merchandise sold) May 25 May 27 May 29 (To record payment for returned merchandise) (To record cost of goods returned) May 29 (To record payment for returned merchandise) (To record cost of goods returned) May 31 4 (To record credit sale) (To record cost of goods sold on account) e Textbook and Media List of Accounts Save for Later Last saved 1 second ago Attempts: 0 of 5 used Submit