Question

Dute May 5 Sciences de $10000 de Sold merchandise on credit to Clements for $11,000 terms 1/10, 1/30 cost of goods 510 200 May 14 Scence Suportes paid to ship the goods to Elements May 16 Elements Corp returned $600 sales price of merchandise purchased May 14th, cost $450 May 17 Received payment from Elements for May 14th sale. May 18 Sold merchandise on credit to Litmus for $7.000, terms 2/10, 1/30, cost of goods May 26 Litmus kept the merchandise purchased May 18th. However, some of it was defective so Science Supplies agreed to a SON allowance on the total sale. May 31 Received payment from Litmus for the May 18th sale Journalize the above transactions assuming that Science Supplies uses a perpetual inventory system. Round all calculations to the nearest doilar. JOURNAL Page 5 Credit Account Title and Explanation Debit

Answer 1

Date	Account Title and Explanation	Debit	Credit
2019
May-05	Merchandise inventory	10000
	Cash		10000
May-14	Accounts receivable	12000
	Sales		12000
	Cost of goods sold	10200
	Merchandise inventory		10200
	Freight-out	80
	Cash		80
May-16	Sales returns and allowances	600
	Accounts receivable		600
	Merchandise inventory	450
	Cost of goods sold		450
May-17	Cash [($12000 - $600) x 98%]	11172
	Sales discount [($12000 - $600) x 2%]	228
	Accounts receivable ($12000 - $600)		11400
May-18	Accounts receivable	7000
	Sales		7000
	Cost of goods sold	4200
	Merchandise inventory		4200
May-26	Sales returns and allowances ($7000 x 50%)	3500
	Accounts receivable		3500
May-31	Cash	3500
	Accounts receivable		3500