The Equine sales Store completed the following merchandising transactions in

the month of May

May 1 Purchased merchandise on account from Titos Wholesale Supply $3,200,

terms 3/10, n/30.

2 Sold merchandise on account $2,100, terms 2/10, n/30. The cost of the

merchandise sold was $1,400.

5 Received credit from Titos Wholesale Supply for merchandise returned

$200.

9 Received collections in full, less discounts, from customers billed on sales of

on May 2.

10 Paid Titoss Wholesale Supply in full, less discount.

11 Purchased supplies for cash $500.

12 Purchased merchandises for cash $2,400.

15 Received refund for poor quality merchandise from supplier on cash purchase.

$250.

17 Purchased merchandise from Valley Distributors $1,300, FOB shipping point,

terms 3/10, n/30.

24 Sold merchandise for cash $4,200. The merchandise sold had a cost of $1,500.

25 Purchased merchandise from idalia, Inc. $620, FOB destination, terms

1/10, n/30.