70.2K

Verified Solution

Link Copied!

i need the t accounts done and balances off please.

Date	Account	Dr	Cr
2016-05-01	Rent Expense	$5,000
	Cash		$5,000
	To record payment of Rent
Date	Account	Dr	Cr
2016-05-02	Accounts Receivable	$68,500
	Sales		$68,500
	To record sales on account to Korman Co
Date	Account	Dr	Cr
2016-05-02	Cost of Goods Sold	$41,000
	inventory		$41,000
	To record cost of sales
Date	Account	Dr	Cr
2016-05-03	Inventory	$36,000
	Accounts Payable		$36,000
	To record purchase merchendise inventory on account from Martin Co
Date	Account	Dr	Cr
2016-05-04	Expenses	$600
	Cash		$600
	To record payment of feight for purchase on May 3
Date	Account	Dr	Cr
2016-05-07	Cash	$22,300
	Accounts Receivable		$22,300
	To record recipt of cash
Date	Account	Dr	Cr
2016-05-10	Cash	$54,000
	Sales		$54,000
	To record sales less coupen
Date	Account	Dr	Cr
2016-05-10	Cost Of Goods Sold	$32,000
	Inventory		$32,000
	To record Cost of sales
Date	Account	Dr	Cr
2016-05-13	Accounts Payable	$36,000
	Cash		$35,280
	Cash Discount Received		$720
	To record cash payment on accounts Payable
Date	Account	Dr	Cr
2016-05-15	Advertising Expense	$11,000
	Cash		$11,000
	To record advertising expense
Date	Account	Dr	Cr
2016-05-17	Cash	$68,500
	Accounts Receivable		$68,500
	To record receipt of cash from Accounts Receivable
Date	Account	Dr	Cr
2016-05-19	Inventory	$18,700
	Cash		$18,700
	To record Cash Purchases
Date	Account	Dr	Cr
2016-05-19	Accounts Payable	$33,450
	Cash		$33,450
	To record cash payment
Date	Account	Dr	Cr
2016-05-20	Sales Returns-Inventory	$13,230
	Cash		$13,230
	To record refund of cash for sales returns
Date	Account	Dr	Cr
2016-05-20	Inventory	$8,000
	Cost Of Goods Sold		$8,000
	To record cost of sales return
Date	Account	Dr	Cr
2016-06-21	Accounts Receivable	$110,000
	Sales		$110,000
	To record Sales on account
Date	Account	Dr	Cr
2016-05-21	Cost Of Goods Sold	$70,000
	Inventory		$70,000
	To record cost of sales
Date	Account	Dr	Cr
2016-05-21	Accounts Receivable	$2,300
	Cash		$2,300
	To record freight paid on sales
Date	Account	Dr	Cr
2016-05-21	Cash	$42,900
	Accounts Receivable		$42,900
	To record receipt of cash
Date	Account	Dr	Cr
2016-05-21	Inventory	$88,000
	Accounts Payable		$88,000
	To record purchases on account
Date	Account	Dr	Cr
2016-05-21	Accounts Payable	$55,000
	Purchase Returns- Inventory		$55,000
	To record purchase returns
Date	Account	Dr	Cr
2016-05-26	Sales Returns-Inventory	$7,500
	Cash		$7,500
	To record payment of sales returns
Date	Account	Dr	Cr
2016-05-26	Inventory	$4,800
	Cost Of Goods Sold		$4,800
	To record cost of sales returns
Date	Account	Dr	Cr
2016-05-28	Sales Salaries Expense	$56,000
	Office Salaries Expense	$29,000
	Cash		$85,000
	To record payment of salaries
Date	Account	Dr	Cr
2016-05-29	Store Supplies	$2,400
	Cash		$2,400
	To record purchase of store supplies for cash
Date	Account	Dr	Cr
2016-05-30	Accounts Receivable	$78,750
	Sales		$78,750
	To record sales on account
Date	Account	Dr	Cr
2016-05-30	Cost Of Goods Sold	$47,000
	Inventory		$47,000
	To record cost of sales
Date	Account	Dr	Cr
2016-05-31	Cash	$112,300
	Accounts Receivable		$112,300
	To record cash including freight on sales paid on May21
Date	Account	Dr	Cr
2016-05-31	Accounts Payable	$33,000
	Cash		$32,670
	Cash discount Received		$330
	Paid cash for purchase made on Mau 21 less returns and 1% discount

Answer & Explanation Solved by verified expert

See Answer