Question

Problema co ) Cubomber aware Store completed the following merchandising transactions in the month of May. At the beginning of Owner's Capital of 55.000 the edge of lumber showed Cash of $5.000 and My Puden tom's what 210, 2 Said merchandise on account $1.00 110. The cost of the merchandie sold was $1,600 5 Received credit from our's Wholesale Supply for merchandise returned $300 9 Received collection in fulles d u from customers bied ons of $1.500 on May 2 10 Pad 's W e Suche in dicat 11 Puu sor cash 400 Radased and for 1.100 15 Received refund o r hand from on the case 5100 1 Prasetade from y ou shop 20 103, 25 n 2 Van 29 Hedensten som omure 750, court for efect chandise Thee h ad 112 4 0 ton court 30 125 14

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Answer 1

(a)	Date	Account titles and explanation					Debit	Credit
	May 1.	Inventory					4300
		Accounts payable						4300
		(Purchased merchandise on account)
	May 2.	Accounts receivable					1800
		Sales revenue						1800
		(Sold merchandise on account)
		Cost of goods sold					1600
		Inventory						1600
		(Cost of goods sold recorded)
	May 5.	Accounts payable					300
		Inventory						300
		(Received credit for May 1 purchase)
	May 9.	Cash			(1800-18)		1782
		Sales discounts			(1800*1%)		18
		Accounts receivable						1800
		(Cash received from customer)
	May 10.	Accounts payable			(4300-300)		4000
		Inventory			(4300-300)*2%			80
		Cash			(4000-80)			3920
		(Cash paid to suppliers)
	May 11.	Supplies					400
		Cash						400
		(purchased supplies)
	May 12.	Inventory					1300
		Cash						1300
		(Purchased merchandise for cash)
	May 15.	Cash					100
		Inventory						100
		(Received cash refund for cash purchase)
	May 17.	Inventory					1200
		Accounts payable						1200
		(Purchased merchandise on account)
	May 19.	Inventory					200
		Cash						200
		(Paid freight on above purchase-Under FOB shipping point,
		Freight is the responsibility of the buyer)
	May 24.	Cash					2800
		Sales revenue						2800
		(Sold merchandise on account)
		Cost of goods sold					2200
		Inventory						2200
		(Cost of goods sold recorded)
	May 25.	Inventory					750
		Accounts payable						750
		(Purchased merchandise on account)
	May 27.	Accounts payable					1300
		Inventory				(1200*2%)		24
		Cash				(1300-24)		1276
		(Cash paid to suppliers)
	May 29.	Sales returns and allowances					70
		Cash						70
		(Cash refund paid to customers)
		Inventory					30
		Cost of goods sold						30
		(Cost of returned goods recorded)
	May 31.	Accounts receivable					1500
		Sales revenue						1500
		(Sold merchandise on account)
		Cost of goods sold					500
		Inventory						500
		(Cost of goods sold recorded)