Homework Answers
Answer:
| Cash | |||
| 5/1 Bal. | $7,600 | 5/10 [(7,600-200) x 0.98] | $7,252 |
| 5/9 [4,800 x 0.97] | $4,656 | 5/11 | $810 |
| 5/15 | $230 | 5/12 | $2,590 |
| 5/24 | $5,850 | 5/17 | $230 |
| 5/27 [2,300 x 0.98] | $2,254 | ||
| 5/29 | $130 | ||
| 5/31 Bal. | $5,070 | ||
| Accounts Receivable | |||
| 5/2 | $4,800 | 5/9 | $4,800 |
| 5/31 | $1,180 | ||
| 5/31 Bal. | $1,180 | ||
| Inventory | |||
| 5/1 | $7,600 | 5/2 | $3,100 |
| 5/12 | $2,590 | 5/5 | $200 |
| 5/17 | $2,300 | 5/10 [(7,600-200)x0.02] | $148 |
| 5/17 | $230 | 5/15 | $230 |
| 5/25 | $740 | 5/24 | $4,140 |
| 5/29 | $100 | 5/27 [2,300 x 0.02] | $46 |
| 5/31 | $880 | ||
| 5/31 Bal. | $4,816 | ||
| Supplies | |||
| 5/11 | $810 | ||
| 5/31 Bal. | $810 | ||
| Accounts Payable | |||
| 5/5 | $200 | 5/1 | $7,600 |
| 5/10 | $7,400 | 5/17 | $2,300 |
| 5/27 | $2,300 | 5/25 | $740 |
| 5/31 Bal. | $740 | ||
| Common Shares | |||
| 5/1 Bal. | $7,600 | ||
| 5/31 Bal. | $7,600 | ||
| Sales | |||
| 5/2 | $4,800 | ||
| 5/24 | $5,850 | ||
| 5/31 | $1,180 | ||
| 5/31 Bal. | $11,830 | ||
| Sales returns and allowances | |||
| 5/29 | $130 | ||
| 5/31 Bal. | $130 | ||
| Sales Discounts | |||
| 5/9 [4,800 x 0.03] | $144 | ||
| 5/31 Bal. | $144 | ||
| Cost of goods sold | |||
| 5/2 | $3,100 | 5/29 | $100 |
| 5/24 | $4,140 | ||
| 5/31 | $880 | ||
| 5/31 Bal. | $8,020 | ||
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Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At...
Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At...
Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Ayayai's ledger showed Cash of $7,600 and Common Shares of $7,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30. 2 Sold merchandise on account for $4,800, terms 3/10, n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 Received collections in full,...
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merchandising transactions in the month of May 2018. At the
beginning of May, Pina Colada’s ledger showed Cash of $8,800 and
Common Shares of $8,800.
May 1
Purchased merchandise on account from Hilton Wholesale Supply
for $8,800, terms 2/10, n/30.
2
Sold merchandise on account for $4,400, terms 3/10, n/30. The
cost of the merchandise sold was $3,030.
5
Received credit from Hilton Wholesale Supply for merchandise
returned $300.
9
Received collections...
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sheridan hardware store completed the following merchandising
transactions in the month of may. at the beginning of may,
sheridans’ ledger showed cash of $7,600 and common stock of
$7,600.
may
1 purchased merchandise on account from black wholesale supply for
$7,600, terms 1/10, n/30. 2 sold merchandise on account for $4,000,
terms 2/10, n/30. the cost of the merchandise sold was
$2,900.
5
received credit from black wholesale supply for merchandise
returned $200.
9
received collections in full, less discounts,...
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Problem 5-01A
Sandhill Hardware Store completed the following merchandising
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$9,100.
May 1
Purchased merchandise on account from Black Wholesale Supply
for $9,100, terms 1/10, n/30.
2
Sold merchandise on account for $5,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,400.
5
Received credit from Black Wholesale Supply for merchandise
returned $200.
9
Received collections in full,...
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Flounder Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Flounder's ledger showed Cash of $7,600 and Common Shares of $7,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10,n/30. 2 Sold merchandise on account for $4,100, terms 3/10,n/30. The cost of the merchandise sold was $3,500. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts,...
Pina Colada Hardware Store Inc. completed the following
merchandising transactions in the month of May 2018. At the
beginning of May, Pina Colada’s ledger showed Cash of $8,800 and
Common Shares of $8,800.
May 1
Purchased merchandise on account from Hilton Wholesale Supply
for $8,800, terms 2/10, n/30.
2
Sold merchandise on account for $4,400, terms 3/10, n/30. The
cost of the merchandise sold was $3,030.
5
Received credit from Hilton Wholesale Supply for merchandise
returned $300.
9
Received collections...
sheridan hardware store completed the following merchandising
transactions in the month of may. at the beginning of may,
sheridans’ ledger showed cash of $7,600 and common stock of
$7,600.
may
1 purchased merchandise on account from black wholesale supply for
$7,600, terms 1/10, n/30. 2 sold merchandise on account for $4,000,
terms 2/10, n/30. the cost of the merchandise sold was
$2,900.
5
received credit from black wholesale supply for merchandise
returned $200.
9
received collections in full, less discounts,...
Problem 5-01A
Sandhill Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May,
Sandhills’ ledger showed Cash of $9,100 and Common Stock of
$9,100.
May 1
Purchased merchandise on account from Black Wholesale Supply
for $9,100, terms 1/10, n/30.
2
Sold merchandise on account for $5,500, terms 2/10, n/30. The
cost of the merchandise sold was $4,400.
5
Received credit from Black Wholesale Supply for merchandise
returned $200.
9
Received collections in full,...
Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May. Sandhills leder showed Cash of $7.900 and Common Stock of $7.900. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900, terms 1/10, 1/30. 2 Sold merchandise on account for $4,300, terms 2/10, 1/30. The cost of the merchandise sold was $3.200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts...
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