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v2.cengagenow.com/ilrn/takeAssignment/takeÄssignmentMain do?invokersassignments&/cakeassg amentSensionLocator ject Calculator Ch. 5 Continuing Problem (Comprehensive Problem 2) Instructions Chart oft Acco Labels and Amount ournal Ledger nstruct May 1 Paid rent for May, $5,000 Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 3 4 Paid freight on purchase of May 3, $600. 6 Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7 Received $22,300 cash from Halstad Co. on account. Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Paid for merchandise purchased on May 3. Pald advertising expense for last half of May, $11,000. 10 13 15 16 Received cash from sale of May 6 19 Purchased merchandise for cash, $18,700. 19 Paid $33,450 to Buttons Co. on eccount ogress tems Check My Work All work saved ignment Score: 48.88%Explanation / Answer
May
1) Rent Dr. $ 5000
To cash
3) Purchase Dr . 36000
to martin co. 36000
4) Freight Dr. 600
To cash 600
6) Korman company 68500
To sales 68500
7) cash Dr. 22300
To holstand co.
10) Cash Dr. 4000
To sales 4000
13) martin co. Dr. 36000
To cash 36000
15) advertisement expense dr. 11000
To cash 11000
16) cash a/c dr. 68500
To korman co. 68500
19) purchase a/c dr. 18700
To cash a/c 18700
19) Button co. 33450
To cash 33450
20) Sales return 13500
To korman co. 13500
20) Korman co . 13230
To cash 13230
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