Weygandt, Accounting Principles, 13e Help System Announcements - CALCULATOR PRINTER VERSION 4 BACK Problem 5-02A a-c (Video) Cullumber Hardware store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, 1/30. 2 Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,600. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $1,800 on May 2 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor quality merchandise from supplier on cash purchase $100. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, 1/30. 19 Paid freight on May 17 purchase $200. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $2,200. 25 Purchased merchandise on account from Lumley, Inc. $750, FOB destination, terms 2/10, 1/30. 27 Paid Valley Distributors in full, loss discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms 1/30. The cost of the merchandise sold was $500. Cullumber Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Rec journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ch ORIE 9 040 2124/2 CALCULATOR PRINTER VERSION BA Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1 Inventory Accounts Payable May 2 Accounts Receivable sales (To record credit sale) May 2 - Cost of Goods Sold Inventory (To record cost of merchandise sold) May 5 Accounts Payable Inventory May 9 - Cash Sales Discounts Accounts Receivable O E 9 40002 (To record cost of merchandise sold) May 5 Accounts Payable Inventory May 9 Cash Sales Discounts Accounts Receivable May 10 Accounts Payable Cash Inventory Supplies Cash May 12 Inventory Cash may cash Inventory May 17 Inventory Accounts Payable May 19 Inventory Cash May 24 Accounts Receivable Sales Revenue (To record cash sale) Cost of Goods Sold May 24 Inventory (To record cost of merchandise sold) lay 25 Inventory Accounts Payable ay 27 Accounts Payable US Weygandt, Accounting Principles, 13e Help System Announcements Cash Inventory May 29 Sales Returns and Allowances cash (To record merchandise returned) May 29 - Inventory Sales Returns and Allowances (To record cost of merchandise returned) May 31 Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) LINK DO TAX LINK TO TEXT FLINK TO TEXT earch of H 2 g CALCULATOR PRINTER VI Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash Date Ref. Debit No. 101 Balance Credit Explanation Balance Accounts Receivable Date Explanation Ref. Debit Credit No. 112 Balance CALCULATOR PRINTER VERSION Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number eg.45 parentheses e.g. (45).) CULLUMBER HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2020 Total Revenues Sales Revenue 54224 roblem 5-021 a-c (Video) Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4.300, terms 2/10, 1/30 2 Sold merchandise on account $1,800, terms 1/10, 1/30. The cost of the merchandise sold was $1,600 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $1,800 on May 2. 10 Pald Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor quality merchandise from supplier on cash purchase $100. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30 19 Paid freight on May 17 purchase $200. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $2,200. 25 Purchased merchandise on account from Lumley, Inc. $750, FOB destination, terms 2/10, 1/30 27 Paid Valley Distributors in less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1.500, terms 30. The cost of the merchandise sold was 3500. Columber Hardware's chart of accounts indudes the following: No. 101 Cash No. 112 Accounts Receivable, No. 120 Inventory, No 126 Supplies, No. 20: Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts and No. 505 cost of Goods Sold