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View Policies Current Attempt in Progress Larkspur, Inc. completed the following merchandising transactions in the month of May. At the beginning of May the ledger
View Policies Current Attempt in Progress Larkspur, Inc. completed the following merchandising transactions in the month of May. At the beginning of May the ledger of Larkspur, Inc. showed Cash of $8.400 and Common Stock of $7.800 May 1 2 Purchased merchandise on account from Black Wholesale Supply for $8.500. terms 1/10.n/30 Sold merchandise on account $4,700, terms 2/10, n/30. The cost of the merchandise sold was $3.400 3 Received credit from Black Wholesale Supply for merchandise returned $200 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Black Wholesale Supply in full, less discount 11 Purchased supplies for cash $800 12 Purchased merchandise for cash $3,000 15 17 19 Received $250 refund for return of poor quality merchandise from supplier on cash purchase Purchased merchandise on account from Wilhelm Distributors for $2.300, terms 2/10/30 Paidfreight on May 17 purchase $270. 24 Sold merchandise for cash $6.000. The merchandise sold had a cost of $4,200 25 Purchasest merchandise on account from Clasps, Inc. For $900, terms 3/10, 1/30 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $119. The returned merchandise cost $9 31 Sold merchandise on account for $1,340 terms n/30. The cost of the merchandise sold was $800 Larkspur, Inc's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Investory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock No 401 Sales Revenue, No 412 Sales Returns and Allowances, No. 414 Sales Discounts and No. 505 Cost of Goods Sold Question 4 of 7 journal entries in the order presented in the problem) -/1 # 1 Date Account Titles and Explanation Debit Credit May 9 (To record credit sale) (To record cost of merchandise sold) (To record cash sale) (To record cash sale) (Te mid cost of merchandise sold) (To coed merchand (Tocardit of marchand) moord sale (Trcando of book and Meda Lait of Accoun Enter the beginning cash and common stock balances and post the transactions Pest entries in the order of journal es presented in the petion) Cash No. 101 Date Explanation Ref. Debit Credit Balance Balance V 31 > 31 31 31 31 31 31 31 31 No. 112 Explanation Ref. Debit Credit Balance 31 Accounts Receivable Date x Inventory Date > > > 31 31 Explanation Ref. > > > > 31 31 10 31 31 n 31 31 Common Stock No. 311 Date Explanation Ref. Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance 31 31 31 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance 31 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance 31 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance 31 31 31 eTextbook and Media List of Accounts 31 Textbook and Media List of Accounts Tebook and Ma Ust of Accounts Income Statement (Partial)
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