Reference no: EM132887321
Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May:
Date Transaction
May
1 Made cash sales of $6,000; the cost of the inventory was $3,800.
5 Purchased $2,500 of inventory on credit.
9 Made credit sales of $4,000; the cost of the inventory sold was $1,900.
13 Paid sales salaries of $1,200 and office salaries of $400.
14 Paid for the May 5 purchases.
18 Purchased sales equipment costing $8,900; made a down payment of $1,400 and agreed to pay the balance in 60 days.
21 Purchased $900 of inventory for cash.
27 Sold land that had originally cost $1,900 for $2,900
Required:
Problem 1: Record the preceding transactions in a general journal.
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