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The ledger accounts given below, with an identification number for each, are used by Tactical Supplies. The company uses a perpetual inventorysystem Prepare appropriate entries
The ledger accounts given below, with an identification number for each, are used by Tactical Supplies. The company uses a perpetual inventorysystem Prepare appropriate entries for the month of May by placing the appropriate identification number (s) in the debit and credit columns provided and the dollar amounts pertaining to each account in the adjoining columns. Item 0 is given as an example. (Round answers to 0 decimal places, es. 1,525.) 1. Cash 2. Accounts Receivable 3. Notes Receivable 4. Inventory 5. Supplies 6. Land 7. Accounts Payable 8. Sales Returns and Allowances 9. Sales Discounts 10 Sales Revenue 11. Cost of Goods Sold 12. Freight-Out Question 4 of 7 135 Entry Information Purchased merchandise for cash of $200 May 1: Sold merchandise with a cost of $245 for cash of $441, terms net 30 May 2: Purchased merchandise from Supplier. Incon account for $1,960, terms 2/10,n/30 May 7: Returned $490 of merchandise that had been purchased from Supplier, Inci on May 2 May 12: Sold merchandise costing $539 to Biko World on account for $898, terms 2/10,n/30. Bike World will pay $41 freight costs per the shipping terms. Account(s) Account(s) Debited Credited 1 Debit Amount $ $200 5 5 5 5 5 5 5 5 5 5 s s 5 May 13: Accepted a return of merchandise from Bke World with a cost of $57. Granted a credit on account of $98 Attempts: 0 of 1 used
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