80.2K

Verified Solution

Link Copied!

Pharoahs Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Pharoahs' ledger showed Cash of $$8,700$ and Common Stock of $$8,700.$

May $1$ Purchased merchandise on account from Black Wholesale Supply for $$8,700,$ terms $\frac{1}{10},\frac{n}{30}.$

$2$ Sold merchandise on account for $$5,100,$ terms $\frac{2}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$4,000.$

$5$ Received credit from Black Wholesale Supply for merchandise returned $$200.$

$9$ Received collections in full, less discounts, from customers billed on May $2.$

$10$ Paid Black Wholesale Supply in full, less discount.

$11$ Purchased supplies for cash $$900.$

$12$ Purchased merchandise for cash $$3,700.$

$15$ Received $$230$ refund for return of poor$-$quality merchandise from supplier on cash purchase.

$17$ Purchased merchandise on account from Wilhelm Distributors for $$3,100,$ terms $\frac{2}{10},\frac{n}{30}.$

$19$ Paid freight on May $17$ purchase $$250.$

$24$ Sold merchandise for cash $$5,500.$ The cost of the merchandise sold was $$4,100.$

$25$ Purchased merchandise on account from Clasps Inc. for $$800,$ terms $\frac{3}{10},\frac{n}{30}.$

$27$ Paid Wilhelm Distributors in full, less discount.

$29$ Made refunds to cash customers for returned merchandise $$108.$ The returned merchandise had

$31$ Sold merchandise on account for $$1,280,$ terms $\frac{n}{30}.$ The cost of the merchandise sold was $$797.$

Question $2$ of $3$

$($v$)$

Post the transactions to uarr$-$accounts. Be sure to enter the beginning cash order of journal entries presented in the previous part$)$

Accounts Receivable

Answer & Explanation Solved by verified expert

See Answer