Problem S-1A (Part Level Submission) Winters Hardware Store completed the follow

Question

Problem S-1A (Part Level Submission) Winters Hardware Store completed the following merchandising transactions in the month of May. At the begining of May, Winters"ledger showed Cash of s Common Stock of $10,400 1 Purchased merchandise on account from Black wholesale Supply for $8,050, terms 1/10, nv/3 2 Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,30. 5 Received credit from Black wholesale Supply for merchandise returned $35o 9 Received collections in full, less discounts, from customers biled on May 2 10 Paid Black Wholesale Suppik in full, less discount. i1 hurchased supplies for cash $1,170. 12 Purchased merchandise for cash $4,030 5 Received $299 refund for return of poor-Quality merchandise from supplier on cash purchase 17 Purchased merchandise from Withelm Distributors for $2,350, berms 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 merchandse hem aasps Inc.or S1,040, terms 10, noe. 27 Paid Wihelm Distributors in full,less discount 29 Made refunds to cash customers for returned merchandise $135. The returned merchandse had cost $s1 31 Sold merchandise on account for $1,064,berms n/30. The cost of the menchandise sold was $1,0P9 ounalize the transactions using a perpetual inveory system(ar no entry is required, select "No Entry for tne accoe bities and ete ohees Credit account tieles are automatically indented when amount is entered. De not indent manually. Record jourmaf entries in the arder presented in the Dabe ccount Tnies and Explianatlion 2 4 7 0 9 command option

Explanation / Answer

Journal entries: Date Accounts title and explanations Debit $ Credit $ 1-May Merchandise Inventory Dr. 8050     Accounts payable-Black Wholesale supply 8050 2-May Accounts receivable Dr. 4400       Sales revenue 4400 Cost of goods sold Dr. 3300      Merchandise inventory 3300 5-May Accounts payable-Black Wholesale supply Dr. 350     Merchandise Inventory 350 9-May Cash account Dr. 4312 Sales discount Dr. 88     Accounts receivable 4400 10-May Accounts payable-Blanc Wholesale supply Dr. 7700       Cash account (8050-350)*99% 7623        Merchandise Inventory (8050-350)1% 77 11-May Supplies Account Dr. 1170       Cash account 1170 12-May Merchandise Inventory Dr. 4030       Cash account 4030 15-May Cash account Dr. 299      Merchandise inventory 299 17-May Merchandise Invntory Dr. 2350     Accounts payable-Whelm Distributors 2350 19-May Merchandise Inventory Dr. 325      Cash account 325 24-May Cash account Dr. 7150      Sales revenue 7150 Cost of goods sold Dr. 5330      Merchandise inventory 5330 25-May Merchandise Inventory Dr. 1040    Accounts payable-Clasps Inc. 1040 27-May Accounts payable-Whelm Distributors Dr. 2350      Cash account (2350*98%) 2303      Merchandise inventory (2350*2%) 47 29-May Sales return Dr. 135       Cash account 135 Merchandise Inventory Dr. 91      Cost of goods sold 91 31-May Accounts receivable Dr. 1664      Sales revenue 1664 Cost of goods sold Dr. 1079      Merchandise inventory 1079

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.