Winters Hardware Store completed the following merchandising transactions in the month of May At the beginning of May, Winters ledger showed Cash of $10,400 and Common Stock of $10,400 May 1 Purchased merchandise on account from Black Wholesale Supply for $7,750, terms 1 10, n 30 2 Sold merchandise on account for $4,600, terms 2 10, n 30 The cost of the merchandise sold was $3,450 5 Received credit from Black Wholesale Supply for merchandise returned $350 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 $1,170 12 Purchased merchandise for cash $4,030 15 Received $299 refund for return of poor quality merchandise from supplier on cash purchase 17 Purchased merchandise from Wilhelm Distributors for $2,100, terms 2 10, n 30 19 Paid freight on May 17 purchase $325 24 Sold merchandise for cash $7,150 The cost of the merchandise sold was $5,330 25 Purchased merchandise from Clasps Inc for $1,040, terms 3 10, n 30 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $135 The returned merchandise had cost $96 31 Sold merchandise on account for $1,664, terms n 30 The cost of the merchandise sold was $1,079 Question BofB Jomalle the reaction ang perpetual eventory aystem le entry is required select No Entry for the countries and enter for the amounts Credit account totes erecutorial indented when amount is entered Do not inden manually Recard journal entries in the order presented in the problem Date Account Titles and Explanation Debit Crei To record credt sale) (To record stof merchandise sold) May 9 (To record sales) (To record most of merchance solo) (To record payment for retumed merchandise) (To record most of goods returned) (To record credit sale (To record est of goods sold on account) b Post the trade Tecsunta Besaret tar the beginning and common rock balance Postres in the order of journal entries posted in partial Round answers to decimal places, 5 2753 Cash Accounts Recevable Inventory V V V V Supplies Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sok

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 03, 2024

Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters ledger showed Cash of $10,400 and

Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters ledger showed Cash of $10,400 and Common Stock of $10,400.

May 1		Purchased merchandise on account from Black Wholesale Supply for $7,750, terms 1/10, n/30.
2		Sold merchandise on account for $4,600, terms 2/10, n/30. The cost of the merchandise sold was $3,450.
5		Received credit from Black Wholesale Supply for merchandise returned $350.
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 $1,170.
12		Purchased merchandise for cash $4,030.
15		Received $299 refund for return of poor-quality merchandise from supplier on cash purchase.
17		Purchased merchandise from Wilhelm Distributors for $2,100, terms 2/10, n/30.
19		Paid freight on May 17 purchase $325.
24		Sold merchandise for cash $7,150. The cost of the merchandise sold was $5,330.
25		Purchased merchandise from Clasps Inc. for $1,040, terms 3/10, n/30.
27		Paid Wilhelm Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $96.
31		Sold merchandise on account for $1,664, terms n/30. The cost of the merchandise sold was $1,079.

image text in transcribed

Question BofB Jomalle the reaction ang perpetual eventory aystem le entry is required select "No Entry for the countries and enter for the amounts Credit account totes erecutorial indented when amount is entered. Do not inden manually Recard journal entries in the order presented in the problem Date Account Titles and Explanation Debit Crei To record credt sale) (To record stof merchandise sold) May 9 (To record sales) (To record most of merchance solo) (To record payment for retumed merchandise) (To record most of goods returned) (To record credit sale (To record est of goods sold on account) b Post the trade Tecsunta Besaret tar the beginning and common rock balance. Postres in the order of journal entries posted in partial Round answers to decimal places, 5.2753 Cash Accounts Recevable Inventory V V V V Supplies Accounts Payable Common Stock Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sok