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Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water's ledger showed Cash of $10,290 and
Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water's ledger showed Cash of $10,290 and Common Stock of $10,290. May Purchased merchandise on account from Hauke Wholesale Supply for $8,300, terms 1/10, n/30.Sold merchandise on account for $6,100, terms 2/10, n/30. The cost of the merchandise sold was $4,575. Received credit from Hauke Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Hake Wholesale Supply in full, less discount. Purchased supplies for cash $1,158. Purchased merchandise for cash $3,987. Received $296 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Friedrich Distributors for $3,700, terms 2/10, n/30. Paid freight on May 17 purchase $322. Sold merchandise for cash $7,074. The cost of the merchandise sold was $5,273.Purchased merchandise from Fasteners Inc. for $1,029, terms 3/10, n/30. 27 Paid Friedrich Distributors in full, less discount. Made refunds to cash customers for returned merchandise $139. The returned merchandise had cost $104.Sold merchandise on account for $1,646, terms n/30. The cost of the merchandise sold was $1,068
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