Accounting -AW-Q453 Online Services
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
Sales Returns & Allowances
Purchases Returns & Allowances
Instructions: Prepare the journal entries for the month of May using both the periodic and perpetual methods.