70.2K

Verified Solution

Link Copied!

Cullumber Hardware Store completed the following merchandising transactions in the month of May. Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, n/30. Received credit from Braun's Wholesale Supply for merchandise returned $300. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,300. Received refund for poor-quality merchandise from supplier on cash purchase $100. Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30. Paid freight on May 17 purchase $120. Purchased merchandise from Lumley, Inc. $650, FOB destination, terms 2/10, n/30. Paid Valley Distributors in full, less discount. May 1 10 11 12 15 17 19 25 27 Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Cullumber Hardware Store completed the following merchandising transactions in the month of May. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, n/30. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor-quality merchandise from supplier on cash purchase $100. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $120. 25 Purchased merchandise from Lumley, Inc. $650. FOB destination, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. Jornalize the transactions using a perpetual inventory system. /Credit account titles are automatically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the problem. Cullumber Hardware Store completed the following merchandising transactions in the month of May. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, n/30. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor-quality merchandise from supplier on cash purchase $100. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $120. 25 Purchased merchandise from Lumley, Inc. $650. FOB destination, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. Jornalize the transactions using a perpetual inventory system. /Credit account titles are automatically indented when amount is entered. Do not indent manually. Record joumal entries in the order presented in the

Answer & Explanation Solved by verified expert

See Answer