Show Attempt History Current Attempt in Progress Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Blossom showed Cash of $4,500 and Owner's Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10,n/30. 2 5 9 10 11 12 15 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,000. Received credit from Braun's Wholesale Supply for merchandise returned $200. Received collections in fullless discounts from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1.200. Received $100 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,100, terms 2/10, 1/30,FOB shipping point. Paid freight on May 17 purchase $100. Sold merchandise for cash $2,800. The merchandise sold had a cost of $1,800. Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10,n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $60. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. 17 19 24 25 27 29 31 Blossom Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales one occounties and enter for the amounts Date Account Titles and Explanation Debit May entory Accounts Payable May 2 Accounts Receivable 1500 Sales Reve To record credit sale) May 2 Cost of Goods Sold 1000 Inventory (To record cost of merchandise sold) ITILTO TI DAN May 5 Accounts Payable 200 Inventory May 9 Cash Sales Discounts Accounts Receivable May 10 A Payable ventory May 11 Supplies Cab NOO May 11 C May 12 Inventory Cash 100 May 15 Inventory 1100 May 17 Inventory Cash 100 May 19 Inventory Cash 2800 May 24 Cash Sales Revenue (To record cash sale) 1800 May 24 Cost of Goods Sold Inventory (Toccord cost of merchandise sold) 550 May 25 Inventory Accounts Payable May 27 Accounts Payable Inwenton May 29 Sales Returns and Allowances Canti (To record merchandise returned) 20 May 29 Inventory Cost of Goods Sold (To record cost of merchandise returned) 1000 May 31 Accounts Receivable Sales Revende (To record credit sale) 500 May 31 Cost of Goods Sold Inventory (To record cost of merchandise sold) eTextbook and Media List of Accounts Save for Later Attempts: 1 of 2 used Submit Answer (b) Prepare a multiple-step income statement through gross profit for the month of May 2022. (Use the ledger balances from part band assume that no adjustments are necessary) (Enter negative amounts using either a negative sign preceding the number .g. -45 or parentheses es. (45).) BLOSSOM HARDWARE STORE Income Statement (Partial) For the Month Ended May 31.2022 Sales LI Sales Reven Less $ Sales Discounts Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Pront eTextbook and Media List of Accounts Save for Later Last saved 16 seconds ago Attempts: 1 of 2 used Submit
