I've posted this question several times and can't get it right, please someone help. ...
60.1K
Verified Solution
Link Copied!
Question
Accounting
I've posted this question several times and can't get it right, please someone help.
Winters Hardware store completed the following merchandising transactions in the month of May. At the beginning of May, winters, ledger showed Cash of $11,200 and Common stock of $11,200 May 1 Purchased merchandise on account from Black Wholesale Supply for $7,950, terms 1/10, n/30. 2 Sold merchandise on account for $4,500, terms 2/10, n/30. The cost of the merchandise sold was $3,375. 5 Received credit from Black Wholesale Supply for merchandise returned $450 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in ful, less discount. 11 Purchased supplies for cash $1,260. 12 Purchased merchandise for cash $4,340. 15 Received $322 refund for return of poor-quality merchandise from supplier on cash purchase 17 Purchased handise from Wilhelm Distributors for $4,000, terms 2/10, n/30. 19 Paid freight on May 17 purchase $350. 24 Sold merchandise for cash $7,700. The cost of the merchandise sold was $5,740. 25 Purchased merchandise from Clasps Inc. for $1,120, terms 3/10, n/30 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $100. 31 Sold merchandise on account for $1,792, terms n/30. The cost of the merchandise sold was $1,162
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!