Reference no: EM13920351
Paid rent for May, $5,000. Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. Paid freight on purchase of May 3, $600. Sold merchandise on account to Karman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. Received $22,300 cash from Halsted Co. on account, no discount. Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. Paid for merchandise purchased on May 3, less discount. Received merchandise returned on sale of May 6, $13,500. The cost of the merchandise returned was $8,000. Paid advertising expense for last half of May, $11,000. Received cash from sale of May 6, less return of May 14 and discount. Purchased merchandise for cash, $18,700. Paid $33,450 to Buttons Co. on account, no discount.
Record the following transactions of the journal.
Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping point, $110,000. The cost of the merchandise sold was $70,000. For the convenience of Crescent Co., paid freight on sale of May 20, $2,300. Received $42,900 cash from Gee Co. on account, no discount. Purchased merchandise on account from Oysterman Co., terms 1/10, n/30, FOB destination, $88,000. Returned $5,000 of damaged merchandise purchased on May 21, receiving credit from the seller. Refunded cash on sales made for cash, $7,500. The cost of the merchandise returned was $4,800. Paid sales salaries of $56,000 and office salaries of $29,000. Purchased store supplies for cash, $2,400. Sold merchandise on account to Turner Co., terms 2/10, n/30, FOB shipping point, $78,750. The cost of the merchandise sold was $47,000. Received cash from sale of May 20, less discount, plus freight paid on May 21. Paid for purchase of May 21, less return of May 24 and discount.
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