Accounting -AW-Q453

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1~~ Accounting Principles I

Ch. 5 – Journal Entries – Periodic & Perpetual
May Purchased merchandise on account from Ace Wholesale Supply $4,700, FOB Destination, terms 211 0,nl30.
2 Sold merchandise on account to J. Smith $1,600 (cost = $960), terms 2110, nl30 and B. Johnson $2,000
(cost = $1,200), terms 2/10, nl30 FOB Shipping Point.

5 Received credit from Ace Wholesale Supply for merchandise returned $100.
9 Received collections in full, less discount, from B. Johnson for sale of May 2.

10 Paid Ace Wholesale Supply in full, less discount.
12 Purchased merchandise for cash $2,400.

14 Issued credit to 1. Smith for returned merchandise $400 (cost = $240).
15 Received refund for poor quality merchandise from supplier on cash purchase $230.

17 Purchased merchandise from Jackson Distributors $1,900, FOB shipping point, terms 3/10, nl30.
19 Paid freight on May 17 purchase $250.

24 Sold merchandise for cash $6,200 (cost = $3,720).
25 Purchased merchandise on account from Carter Wholesale Suppliers $500, terms 1110, nJ30 FOB
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Shipping Point. Balance includes freight costs of $75 prepaid by Carter.

27 Paid Jackson Distributors in full, less discount.
29 Made refunds to cash customers for defective merchandise $80 (cost = $48).

31 Sold merchandise on account to B. Franklin $1,700 (cost = $1,020), terms n/30 FOB Shipping Point.
31 Received payment in full from J. Smith.
31 Paid Carter in full, less discount.

1Real Hardware’s chart of accounts includes the following

Accounts Receivable
Merchandise Inventory
Accounts Payable


Sales Returns & Allowances
Sales Discounts
Purchases Returns & Allowances
Purchases Discounts
Freight In

Instructions: Prepare the journal entries for the month of May using both the periodic and perpetual methods.
Accounting -AW-Q453