Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the letlger of Crane showed Cash of $5,500 and Owner's Capital of $5,500. Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, n/30. Sold merchandise on account $1,600, terms 1/10, n/3O. The cost of the merchandise sold was $1,200. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on sales of $1,600 on May 2. Paid Braun's Wholesale Supply in full, less discount. May 1 2 9. 10 Purchased supplies for cash $350. Purchased merchandise for cash $1,500. 11 12 15 Received refund for poor quality merchandse from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors $1,400, FOB shipping point, terms 2/10, n/30. Paid freight on May 17 purchase $170. Sold merchandise for cash $2,900. The merchandise sold had a cost of $1,800. Purchased merchandise on account from Lumley, Inc. $600, FOB destination, terms 2/10, n/30. 19 24 25 27 Paid Valley Distributors in full, less discount. Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500. 29 31 Crane Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies. No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allo 414 Sales Discounts, and No. 505 Cost of Goods Sold. (a) 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.) Account Titles and Explanation Debit Credit Date (To record credit sale) (To record cost of merchandise sold) Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the letlger of Crane showed Cash of $5,500 and Owner's Capital of $5,500. Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, n/30. Sold merchandise on account $1,600, terms 1/10, n/3O. The cost of the merchandise sold was $1,200. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on sales of $1,600 on May 2. Paid Braun's Wholesale Supply in full, less discount. May 1 2 9. 10 Purchased supplies for cash $350. Purchased merchandise for cash $1,500. 11 12 15 Received refund for poor quality merchandse from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors $1,400, FOB shipping point, terms 2/10, n/30. Paid freight on May 17 purchase $170. Sold merchandise for cash $2,900. The merchandise sold had a cost of $1,800. Purchased merchandise on account from Lumley, Inc. $600, FOB destination, terms 2/10, n/30. 19 24 25 27 Paid Valley Distributors in full, less discount. Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500. 29 31 Crane Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies. No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allo 414 Sales Discounts, and No. 505 Cost of Goods Sold. (a) 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.) Account Titles and Explanation Debit Credit Date (To record credit sale) (To record cost of merchandise sold)
Expert Answer:
Answer rating: 100% (QA)
Date Account Title Debit Credit 01May Inventory 4200 Accoun... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Waters ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased...
-
Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and Common Stock of $8,000. May 1...
-
Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters ledger showed Cash of $8,000 and Common Stock of $8,000. May 1...
-
What impact does this have on the statement of cash flows using the indirect method? a.) If the balance of a current liability decreases during the accounting period, then that amount will be...
-
How can changes in the provisions of a will be made legally? In what four ways can a will be revoked?
-
Investment Objectives (LO1, CFA9) An individual investors investment objectives should be expressed in terms of: a. Risk and return. b. Capital market expectations. c. Liquidity needs and time...
-
For the standpipe system shown in Fig. P8.94, calculate the flow rate for \(H=4.0 \mathrm{ft}, D=6.77\) in., \(d=0.125\) in., and \(L=48\) in. The fluid is \(70^{\circ} \mathrm{F}\) water. Assume...
-
Russian is an Indo-European language of the Slavic family, spoken in Russia. Determine from the following Russian data whether the low front [a] and the low back [a] complement each other as...
-
Ms X, your client, while in her final year of her part time LLB studies and who lives in Johannesburg and works as a paralegal earning R50 000 per month, meets the love of her life, Mr Y. Mr Y is a...
-
A blue ball is thrown upward with an initial speed of 23 m/s, from a height of 0.6 meters above the ground. 2.8 seconds after the blue ball is thrown, a red ball is thrown down with an initial speed...
-
Passing through (-7,-8) and parallel to the line whose equation is y=-2x+2 A) write an equation for the line in point-slope form. B) write an equation for the line in slope-intercept form.
-
Why is it so important for a healthcare organization to develop a five-year strategic financial plan,? explain
-
What is organizational culture? Explain the functions for organizational culture.
-
Why is organizational behavior important to a company? ( Perhaps focus on "Organizational Effectiveness", profit... )
-
What is the Evolution and Implementation of Business Ethics and Corporate Social Responsibility?
-
Discuss the different approaches to diversity training. What do you see as the pro's and con's of each approach? Explain
-
Explain this statement Population Growth and Labor Force Expansion: Growth in the population and an expanding labor force can increase the number of workers available, which can raise potential...
-
Find the velocity, acceleration, and speed of a particle with the given position function. r(t) = (t 2 , sin t - t cos t, cos t + t sin t), t > 0
-
Using the information in E24-3, assume that in July 2014, Thome Company incurs the following manufacturing overhead costs. Instructions (a) Prepare a flexible budget performance report, assuming that...
-
School costs money. Is this an expenditure that you should have avoided? A year of tuition at a public four-year college costs about $8,655, and a year of tuition at a public two-year college costs...
-
The following information pertains to Crane Video Company. 1. Cash balance per bank, July 31, $7,263. 2. July bank service charge not recorded by the depositor $28. 3. Cash balance per books, July...
-
Vertical analysis would rarely be performed on which of the following statements or schedules? a. Income statement b. Adjusting entry worksheet c. Balance sheet d. All of the above are common targets...
-
A statement that lists the assets, liabilities, and stockholders equity of a company in percentages only with no dollar amounts is a a. common-size income statement. b. benchmarking analysis. c....
-
In vertical analysis, the base used for comparison on the income statement is a. total expenses. b. total assets. c. net sales. d. gross profit.
Study smarter with the SolutionInn App