Problem 5-1A (Part Level Submission)

Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Waters ledger showed Cash of $8,872 and Common Stock of $8,872.

Problem 5-1A (Part Level Submission) Waters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water's ledger showed Cash of $8,872 and Common Stock of $8,872. May 1 Purchased merchandise on account from Hauke Wholesale Supply for $8,100, terms 1/10, n/30 2 Sold merchandise on account for $5,200, terms 2/10, n/30. The cost of the merchandise sold was $3,900. 5 Received credit from Hauke Wholesale Supply for merchandise returned $600. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hauke Wholesale Supply in full, less discount. 11 Purchased supplies for cash $998. 12 Purchased merchandise for cash $3,438. 15 Received $255 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Friedrich Distributors for $4,000, terms 2/10, n/30. 19 Paid freight on May 17 purchase $277. 24 Sold merchandise for cash $6,100. The cost of the merchandise sold was $4,547. 25 Purchased merchandise from Fasteners Inc. for $887, terms 3/10, n/30. 27 Paid Friedrich Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $127. The returned merchandise had cost $95. 31 Sold merchandise on account for $1,420, terms n/30. The cost of the merchandise sold was $920