Answered step by step
Verified Expert Solution
Question
1 Approved Answer
this is my second time posting this questions, can you please help me solve this problem kn the same format posted. Estimated Inventory Returns 31
this is my second time posting this questions, can you please help me solve this problem kn the same format posted.
Estimated Inventory Returns 31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $900. larigold Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. Post the transactions to Taccounts. (Post entries in the order of joumal entries presented in the question. Round your answers to 0 decimal places, es 5,275.) Refund Liability Accounts Receivable Marigold Hardware Store Inc. completed the following merchandising transactions in the month of May 2025. At the beginning of May, Marigold's ledger showed Cash of $8,200 and Common Shares of $8,200. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,200, terms 2/10,n/30. 2 Sold merchandise on account for $4,400, terms n/30, The cost of the merchandise soid was $3,500. 5 Received credit from Hilton Wholesale Supply for merchandise returned $250. 9 Received collections in full from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $880. 12 Purchased merchandise for cash $2,650. 15 Recelved $290 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,450, terms 2/10,n/30 19 Pald freight on May 17 purchase $290. 24 Sold merchandise for cash $5,200. The cost of the merchandise sold was $4,100, 25 Purchased merchandise from Toolware the for $780, terms 3/10,n/30. 27 Paid Northem Distributors in full, less discount. 29. Made refunds to eash customers for retumed merehandise $118. The returned merchandise was returned to inventory and had cost $90. 31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $900 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started