Reference no: EM132790861
Question - Zeedoc Corp. has the following transactions for the month of May 2019:
May 1 Purchased merchandise on account from DWS Company for $10,000, terms 2/10, n/30 FOB shipping point.
May 1 Paid $12,000 in advance for a one-year insurance policy.
May 2 Freight charges of $200 were paid by the appropriate party for the merchandise purchased on May 1.
May 3 Issued additional shares for $50,000 cash.
May 5 Sold merchandise on account to SDL Inc. for $4,000, terms 2/10, n/30. The cost of the merchandise was $2,100.
May 6 Freight charges of $100 were paid by the appropriate party on the May 5 sale.
May 8 Returned merchandise to DWS and received a $200 credit for the value of goods returned.
May 9 Paid DWS in full.
May 10 Purchased $1,700 of supplies on account.
May 12 SDL returned merchandise sold for $2,000 that cost $1,200. The merchandise was restored and returned to Inventory.
May 14 Received payment in full from SDL for merchandise sold on account on May 5.
May 21 Paid $8,000 to the bank, of which 30% was interest and the remainder was to repay the principal amount of a loan for $20,000 received in January.
May 25 Hired a new manager to start on the 27th. Salary is $3,875 per month, paid on the 10th of every month.
Required - Prepare all journal entries, including any adjusting entries required to close the accounting period ending May 31st, 2019 for Zeedoc. The company uses a perpetual inventory system. If no journal entry is required for any event, write NO ENTRY REQUIRED for that date.
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