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The following transactions took place at Science Supplies during May 2018. May 14 Sold merchandise on credit to Elements for 10,000, terms 2/10,n/30;cost of goods

The following transactions took place at Science Supplies during May 2018.

May 14 Sold merchandise on credit to Elements for 10,000, terms 2/10,n/30;cost of goods was 8500

May 14 Science Supplies paid 50 to ship the goods to Elements (FOB destination)

May 16 Elements returned $500(sales price) worth of merchandise purchased on May 14,cost of goods was $375, goods were returned to inventory

May 17 Received payment from Elements for the May 14 sale

May 18 Sold merchandise on credit to Litmus for 6000, terms 2/10,n/30;cost of goods was 3600

May 26 Litmus kept the merchandise purchased on May 18, however, some of it was defective so science supplies agreed to a 50% allowance on the total sale

May 31 Received payment from Litmus for the May 18 sale

Journalize the above transactions assuming that science supplies uses a perpetual inventory system. Round all calculations to the nearest dollar.

Date Account title and explanation Debit Credit

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