·ill Bell 6:10 PM learn.macewan.ca SinghDribuig Conhusal inventony syslem and en

Question

·ill Bell 6:10 PM learn.macewan.ca SinghDribuig Conhusal inventony syslem and engdintheining tanactionsdinMay o current year Purchased office supplies for cash, $22,000 nvenbory on credit terms of 3/10, net com, 576,000 8 Returned 25 peroent of the inventory purchased on May 7. It was not the invenkony ondered 10 Sold goods for cash, $34,000 (cost, $20,400) 13 Sold inventory on credit terms of 2/15, n/45 for $150.800, less $15,080 purchase in large quantities (cost, 50s) amount owed con account from the purchase of May 7, less the discount and the retarn. Recelved wong -sized inventory as a sales neturn from May 13 sale, $12 400, which is the net amount after the 17 gantity discount. Singh's cost of the linwenoey received was $7,440 18 Purchased inventory of $164,000 on account. Payment terms were 2/10, net 30 6 Faid supplier foe goods purchased on May 18 Received cash in full wettlement of the account from the customer who purchased inventory on 28 31 Purchased inventory frash.9%000,les aquantity discount of Sason plus hot dapdsaa Reqwired 1. Joumalize the poeceding transactions on the books of Singh Distributing Company 2 Suppose the balance in Inventory was $20,000 on May 1. What is the bualance in inventory on May 31

Explanation / Answer

03-May Office Supplies 22000                Cash 22000 07-May Inventory 76000                Accounts payable 76000 08-May Accounts payable 19000 (76000*25%)                 Inventory 19000 10-May Cash 34000            Sales revenue 34000 Cost of goods sold 20400              Inventory 20400 13-May Accounts receivable 135720 (150800-15080)            Sales revenue 135720 Cost of goods sold 90480              Inventory 90480 16-May Accounts payable 57000             Inventory 1710 (57000*3%)             Cash 55290 17-May Sales return and allowance 12400               Accounts receivable 12400 Inventory 7440              Cost of goods sold 7440 18-May Inventory 164000              Accounts payable 164000 26-May Accounts payable 164000             Inventory 3280 (164000*2%)             Cash 160720 28-May Cash 123320              Accounts receivable 123320 31-May Inventory 88600 (96000-9600+2200)              Cash 88600 Beginning balance 20000 Purchase 76000 96000 Return 19000 77000 COGS 20400 56600 COGS 90480 -33880 Discount 1710 -35590 Return sales 7440 -28150 Purchase 164000 135850 Purchase 88600 224450

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