PROBLEM SET B Problem 5-1B Preparing journal entries for merchandising activities-perpetual system P1 P2 Check May 14, Dr. Cash $10,780 May 17, Cr. Cash $9,900 May 30, Dr. Cash $2,352 1 Icon denotes assignments that involve decision making. Prepare journal entries to record the following merchandising transactions of Yara Company, wh applies the perpetual inventory system. (Hint: It will help to identify each receivable and payable Purchased merchandise from Hady Co. for $10,000 under credit terms of 1/15, n/30, FOB s example, record the purchase on May 2 in Accounts Payable-Hady.) May 2 ping point, invoice dated May 2. Sold merchandise to Ihab Co. for $11,000 under credit terms of 2/10, n/60, FOB shipping pin invoice dated May 4. The merchandise had cost $5,600. Paid $250 cash for freight charges on the purchase of May 2. Sold merchandise that had cost $2,000 for $2,500 cash. 4 5 9 10 Purchased merchandise from Dalia Co. for $3,650 under credit terms of 2/15, n/60, FOB dest nation, invoice dated May 10. 12 14 17 20 22 25 30 31 Received a $400 credit memorandum from Dalia Co. for the return of part of the merchand purchased on May 10. Received the balance due from Ihab Co. for the invoice dated May 4, net of the discount. Paid the balance due to Hady Co. within the discount period. Sold merchandise that cost $1,450 to Tamara Co. for $2,800 under credit terms of 2/15, FOB shipping point, invoice dated May 20. Issued a $400 credit memorandum to Tamara Co. for an allowance on goods sold from May 2 Paid Dalia Co. the balance due after deducting the discount. Received the balance due from Tamara Co. for the invoice dated May 20, net of discount allowance. Sold merchandise that cost $3,600 to Ihab Co. for $7,200 under credit terms of 2/10, n/60, F shipping point, invoice dated May 31. B

PROBLEM SET B Problem 5.18 Preparing journal entries for merchandising activities-perpetual system P1 P2 Check May 14,06 Cash $10.780 May 17, Cr Cash 59,900 May 30, Dr, Casn 32,352 (1) icon denotes assignments that involve decision making. Prepare journal entries to record the following merchandising transactions of Yara Compande applies the perpetual inventory system. (Hint: It will help to identify each receivable and poryt) example, record the purchase on May 2 in Accounts Payable-Hady.) May 2 Purchased merchandise from Hady Co, for $10,000 under credit terms of 1/15, , /30.Fo6, ping point, invoice dated May 2. 4 Sold merchandise to thab Co. for $11,000 under credit terms of 2/10,n/60, FOB shiphis invoice dated May 4. The merchandise had cost $5,600 5 Paid $250 eash for freight charges on the purchase of May 2. 9 Sold merchandise that had cost $2,000 for $2,500 cash. nation, invoice dated May 10. 12 Received a $400 credit memorandum from Dalia C0, for the return of part of the mentus purchased on May 10. 14 Received the balance due from thab Co. for the invoice dated May 4 , net of the discoes 17 Paid the balance due to Hady Co. within the discount period. 20 Sold merchandise that cost $1,450 to Tamara Co0, for $2,800 under eredit terms of 215 is FOB shipping point, invoice dated May 20. 25 Paid Dalia Co0, the balance due after deducting the discount. 30 Received the balance due from Tamara Co, for the invoice dated May 20, net of fisati allowance. shipping point, invoice dated May 31