Question
Flounder Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At...
Flounder Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Flounder's ledger showed Cash of $7,600 and Common Shares of $7,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10,n/30. 2 Sold merchandise on account for $4,100, terms 3/10,n/30. The cost of the merchandise sold was $3,500. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $840. 12 Purchased merchandise for cash $2,840. 15 Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,300, terms 2/10,n/30. 19 Paid freight on May 17 purchase $220. 24 Sold merchandise for cash $5,620. The cost of the merchandise sold was $4,400. 25 Purchased merchandise from Toolware Inc. for $790, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $120. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $820. Flounder Hardware uses a perpetual inventory system.
Post the transactions to Taccounts. (Post entries in the order of journal entries presented in the question.) Cash 5/1 Bal. 7600 5/10 7154 5/9 3977 5/11 840 5/15 250 5/12 2840 5/24 5620 5/19 220 5/27 2254 5/31 Bal. 4139 17447 17447 Accounts Receivable 5/2 4100 5/9 4100 5/31 1200 5/29 1200 5300 5300 Inventory 5/1 7600 5/2 3500 5/12 2840 5/5 300 5/17 2300 5/10 146 5/25 790 5/15 250 cia cran
5/29 80 5/24 4400 5/27 46 5/31 820 13610 5/31 Bal. 13610 Supplies 5/11 840 5/31 840 840 5/31 Bal. 840 Accounts Payable 5/5 300 5/1 7600 5/10 7300 5/17 2300 5/27 2300 5/25 790 5/31 Bal. 10690 10690 Common Shares 5/31 Bal. 7600 5/1 Bal. 7600 7600 7600 Sales 5/31 Bal. 10920 5/2 4100 5/24 5620
5/24 5620 5/31 1200 10920 10920 Sales Returns and Allowances 5/29 120 5/31 Bal. 120 120 120 Sales Discounts 5/9 123 5/31 Bal. 123 123 123 Cost of Goods Sold 5/2 3500 5/29 80 5/24 5/24 4400 5/31 Bal. 8640 5/31 820 8720 8720
Answers
Cash 1-May 7,600 10-May 7,154 9-May 3,977 11-May 840 15-May 250 12-May 2,840 24-May 5,620 19-May 220 27-May 2254 29-May 120 End bal 4,019 Accounts receivable 2-May 4,100 9-May 4,100 31-May 1,200 End bal 1,200 inventory 1-May 7,600 2-May 3,500 12-May 2,840 5-May 300 17-May 2,300 10-May 146 19-May 220 15-May 250 25-May 790 24-May 4,400 29-May 80 27-May 46 31-May 820 end bal 4,368 Supplies 11-May 840 end bal 840 Accounts payable 5-May 300 1-May 7,600 10-May 7300 17-May 2,300 27-May 2,300 25-May 790 End bal 790 Common stock 1-May end bal 7,600 Sales revenue 2-May 4,100 24-May 5,620 31-May 1,200 End bal 10,920 Sales return and allowance 29-May 120 end bal 120 Sales discount 9-May 123 end bal 123 Cost of goods sold 2-May 3,500 29-May 80 24-May 4,400 31-May 820 End bal 8,640
Similar Solved Questions
1 answers
Ents of $ 1 00 and me Ribeiro Manufacturing Company has four operating divisions. During the...
ents of $ 1 00 and me Ribeiro Manufacturing Company has four operating divisions. During the first quarter of 2020, the company reported aggregate increm divisional rests: Division 1 11111 IV $509,500 $418,600 $313,300 $179, 100 Cost of goods sold 289,700 249.000 204.600 154.800 Selling and administ...
1 answers
Elavorate a teaching plan for a patient with CHF and CKD referent hydratation and fluid intake.
Elavorate a teaching plan for a patient with CHF and CKD referent hydratation and fluid intake....
1 answers
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company ...
1 answers
Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the...
Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The demand for the company's products far exceeds its manufacturing capacity. The bottleneck (or constraint) in the production process is upholstery labor-hours. Information concerning three of Portsmouth...
1 answers
Marginal analysis and decision-making: Concept: The Fundamental Assumption of Economics All social phenomena emerge from the...
Marginal analysis and decision-making: Concept: The Fundamental Assumption of Economics All social phenomena emerge from the actions and interactions of individuals who are choosing in response to expected marginal benefits and expected marginal costs to themselves. Definition: Marginal is addition...
1 answers
In spite of its powerful and important role in American society, television is often criticized for...
In spite of its powerful and important role in American society, television is often criticized for its lack of content on important issues. (a)Do you feel that it is accurate to characterize television as lacking in real content? (b)If so, what do you think is to blame for the quality of television...
1 answers
Burney. emily barnebarney. Untitled documento S ample Lab = O STOICHIOMETRY - Using molarity to find...
Burney. emily barnebarney. Untitled documento S ample Lab = O STOICHIOMETRY - Using molarity to find solute moles and solution volume A chemist adds 105.0 mL of a 0.228 mol/L potassium permanganate (KMnO4) solution to a reaction flask. Calculate the millimoles of potassium permanganate the chemist h...
1 answers
What are the missing angle measures in a isosceles triangle where the different angle is 42°?
What are the missing angle measures in a isosceles triangle where the different angle is 42°?...
1 answers
As discussed within the interactive lecture, our world continues to change. Based upon research and your...
As discussed within the interactive lecture, our world continues to change. Based upon research and your own experiences, address the following: Explain why you believe diversity is important in organizations. Address how, as a current or future HR professional/leader, you will encourage workplace ...
1 answers
Tiscercise 20-12 Weighted average: Completing a process cost summary c3 The following partially completed process cost...
Tiscercise 20-12 Weighted average: Completing a process cost summary c3 The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to ...
1 answers
Question 2 5 pts Iflual 36.73 ft , determine the height of the ball (h) in...
Question 2 5 pts Iflual 36.73 ft , determine the height of the ball (h) in feet when x = 25 ft. s C 30° B h А 10 ft 7 ft -25 ft -5 ft-...
1 answers
5. Assume you are a food manufacturer and you are trying to sell your line of...
5. Assume you are a food manufacturer and you are trying to sell your line of imported jams and jellies to a major grocery store chain. Who in the chains buying centre would you expect to attend a meeting with you, and what would each members concerns be? id or creat Kas Done its 6 Think about the m...
1 answers
If we are given the improper integral definition of the gamma function above, i) show that...
If we are given the improper integral definition of the gamma function above, i) show that , a>-1 where ii) show that iii) Given that , find the laplace transform of please show all steps for all parts 0<'FP 2-0 1-07 OU = (20).J T + 5 Si = {27}] (I+D)) [{f(t)} = S.*f(t)e-stat T(a + 1) =...
1 answers
Suppose that 28 g of each substance is initially at 26.0 ∘C. Part A What is...
Suppose that 28 g of each substance is initially at 26.0 ∘C. Part A What is the final temperature of gold upon absorbing 2.40 kJ of heat? Express your answer using two significant figures. Part B What is the final temperature of silver upon absorbing 2.40 kJ of heat? Express your answer...
1 answers
How do you divide rational numbers in fraction form?
How do you divide rational numbers in fraction form?...