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Carla Vista Hardware Store completed the following merchandising transactions in the month of May, Carla Vista follows ASPE and uses the earning approach. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,300, terms 2/10,/30. 2 Sold merchandise on account $2.600, terms 1/10,/30. The cost of the merchandise sold was $1,450. 5 Received credit from Braun's Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $380. 12 Purchased merchandise for cash $1.200. 15 Received $170 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1.800, terms 2/10,n30. FOB shipping point. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $3.700. The merchandise sold had a cost of $2,100. 25 Purchased merchandise on account from Lumley inc, for $720, terms 2/10,/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $90. The returned merchandise cost $30. 31 Sold merchandise on account for $1,800, terms n/30. The cost of the merchandise sold was $620. Date Account rities and Explanation Debit. Credit (Te recera crest sule) (To record cost of goods vold ) Ifs racart conh vet.) [To record cont of goods soid] (To record rehund made for returned goods) (Torecord cost of retuirned goods) (To record credit male)

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