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...
-
The demand for good X is given by Research shows that the prices of related goods are given by Py = $ 6,500 and Pz = $ 100, while the average income of individuals consuming this product is M = $...
-
The On the Job example at the end of this chapter provides a brief description of many training methods used in management development. To understand those methods better, the class breaks into teams...
-
Ashton, Inc., which closes its books on December 31, is authorized to issue \(\$ 800,000\) of nine percent, 20-year bonds dated May 1 , with interest payments on November 1 and May 1. Required...
-
Dillman Corporation has nexus in States A and B. Dillmans activities for the year are summarized below. Determine the apportionment factors for A and B assuming that A uses a three-factor...
-
"O" COMPANY The "O" Company manufactures large hydraulic units. One of the most difficult items to manufacture is the hydraulic cylinder. The cylinder housing is fabricated from a malleable iron...
-
Auditor Changes at Daily Journal Corporation Charlie Munger is vice chairman of Berkshire Hathaway Inc. and is informally known as War- ren Buffett's "right arm." Munger also serves as chairman of...
-
How did spotify change the music industry with the solutions it provided? from a change-management point of view? Stages in Problem-Solving Stage 1 Problem Definition 2. SolutionGeneration 3....
-
Problem 2: horizontal. It lands on the ground with the vertical component of the velocity at 10.0m/s. A rock is thrown downward at 10.0m/s at an angle of 23 below the From how high was it thrown? a.)...
-
Kyle is over $5,000 behind in court-ordered child support payments. He has lost his job over a year ago and has made no real effort to find another one. Kyle does not want to pay child support since...
-
A company expects to pay its first dividend of $1.50 a share in Year 6 with annual dividend increases of 2.8 percent thereafter. At a required return of 15.4 percent, what is the current share price?
-
Consider the following model for the variable yt: Yt = Et + 0.5t-1 where Et is an i.i.d. white noise process with variance o = 2. What is the value of cov(yt, Yt-1)? Your Answer:
-
Find deflection a point c using double integration method? E=200GPa, I=95x10 6 mm 4 49 KHM 23kW 2174/m A 3 1.7m 46KN
-
research about implementation and functioning principles lf managment? in this research i need to write about the training principle in 500 words and talk about it in our orginization and we need to...
-
(a) Use integration by parts to show that (b) If f and g are inverse functions and f' is continuous, prove that (c) In the case where f and t are positive functions and b > a > 0, draw a diagram to...
-
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...
-
Suppose \(\mathscr{G}\) is the class of linear functions. A linear function evaluated at a feature \(\boldsymbol{x}\) can be described as \(g(\boldsymbol{x})=\boldsymbol{\beta}^{\top}...
-
Suppose that the loss function is the piecewise linear function \[ \operatorname{Loss}(y, \hat{y})=\alpha(\hat{y}-y)_{+}+\beta(y-\hat{y})_{+}, \quad \alpha, \beta>0 \] where \(c_{+}\)is equal to...
-
Show that, for the squared-error loss, the approximation error \(\ell\left(g^{\mathscr{C}} ight)-\ell\left(g^{*} ight)\) in (2.16), \(\begin{array}{llllll}\text { is } \quad \text { equal } & \text {...
Study smarter with the SolutionInn App