Question

Bridgeport Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Bridgeport’s ledger showed Cash of $7,500 and Common Shares of $7,500.
Post the transactions to T accounts. (Post entries in the order of journal entries presented in the question.)

May 1		Purchased merchandise on account from Hilton Wholesale Supply for $7,500, terms 2/10, n/30.
2		Sold merchandise on account for $4,300, terms 3/10, n/30. The cost of the merchandise sold was $3,540.
5		Received credit from Hilton Wholesale Supply for merchandise returned $300.
9		Received collections in full, less discounts, from customers billed on May 2.
10		Paid Hilton Wholesale Supply in full, less discount.
11		Purchased supplies for cash $980.
12		Purchased merchandise for cash $2,840.
15		Received $220 refund for return of poor-quality merchandise from supplier on cash purchase.
17		Purchased merchandise from Northern Distributors for $2,500, terms 2/10, n/30.
19		Paid freight on May 17 purchase $240.
24		Sold merchandise for cash $4,940. The cost of the merchandise sold was $4,210.
25		Purchased merchandise from Toolware Inc. for $850, terms 3/10, n/30.
27		Paid Northern Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $110. The returned merchandise was returned to inventory and had cost $90.
31		Sold merchandise on account for $1,360, terms n/30. The cost of the merchandise sold was $750.

Post the transactions to T accounts. (Post entries in the order of journal entries presented in the question.)
Bridgeport Hardware uses a perpetual inventory system.

Answer 1

Page Page Dr Inventory May-l, Accounts Payable | 7500 may 2, Cost of goods sold 3540 May 11, Cash 980 May 5, Accounts Payable 300 May 12, Cash 2840 May 15 cash 220 May 17, Accounts Payable 2500 May 24, Cost of goods sold 4210 May 25, Accounts Payabu/ 850 May 31, Cost of goods sold 750 May 29, Cost of goods sold 90 XC - May 9, Accounts Receivable May 15, Inventory May 24, Sales Cash AlC er 4171 month to accounts payable 78056 220 May 12, Inventory (2840 4940 May 19, Freight 240 May 25 Inventory 850 I May 29, Sales Resum 100 Accounts Payable May 5, Inventory | 300 Mayl Inventory 7500 May 10, Purchase Discount | 144 May 17, Inventory | 2500 May 10 Cash 17056 May 27, Cash 2450 May 27, Purchase Discount 50 Dr Purchase Discount May 10 Accounts Reai 144 I Payable are May 27, Prouts payable 50 a REDMI NOTE 5 PRO

Date Page May 2, Sales May 31, Sales Accounts Receivable Account 4300 May 9, Cash | 1360 May 9, Sales Discount 4171 129 Dr May 9 Accounts Receivable Marcos Cachot Moy , ale room spessebre Sales 129 to May 2. Accounts Recei 4300 May 31, Accounts | 1360 receivable Sales - Cash Discount Return 110 May 29 90 Dr Cost of Goods sold May 2, Inventory | 3540 May 29, Inventory May 24, Inventory [4210 May 31, Inventory 750 Freight 240 REDMI NOTE 5 PRO MI DUAL CAMERA IS