Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Wildhorses’ ledger showed Cash of $9,200 and Common Stock of $9,200.

May
1 Purchased merchandise on account from Black Wholesale Supply for $9,200, terms 1/10, n/30.
2 Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,500.
5 Received credit from Black Wholesale Supply for merchandise returned $200.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Black Wholesale Supply in full, less discount.
11 Purchased supplies for cash $900.
12 Purchased merchandise for cash $4,200.
15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Wilhelm Distributors for $3,600, terms 2/10, n/30.
19 Paid freight on May 17 purchase $250.
24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.
25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $88. The returned merchandise had cost $100.
31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $894.

Required:
Journalize the transactions using a perpetual inventory system.

Question

14-03-2022
Business

contestada

Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Wildhorses’ ledger showed Cash of $9,200 and Common Stock of $9,200.

May
1 Purchased merchandise on account from Black Wholesale Supply for $9,200, terms 1/10, n/30.
2 Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,500.
5 Received credit from Black Wholesale Supply for merchandise returned $200.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Black Wholesale Supply in full, less discount.
11 Purchased supplies for cash $900.
12 Purchased merchandise for cash $4,200.
15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Wilhelm Distributors for $3,600, terms 2/10, n/30.
19 Paid freight on May 17 purchase $250.
24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.
25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $88. The returned merchandise had cost $100.
31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $894.

Required:
Journalize the transactions using a perpetual inventory system.

Respuesta :

Otras preguntas

Which scenario is an example of sarcasm? O A. Ramon's mother goes to wake him up for the fifth time that morning and says, "Ramon, you have got to quit staying

Click on the box to choose whether the sentence is correct (C), contains a comma splice (CS), or is a fused sentence(FS).No one likes a bully, he has no friends

I need help ASAP!!!!!Will mark answer with the best explanation as Brainliest!!!!!!

In a lab experiment, 40 bacteria are placed in a petri dish. The conditions are such that the number of bacteria is able to double every 17 hours. How many bact

Why was the Ottoman Empire able to commit a genocide against Armenian people during the war?

Susie has 8 pieces of string each string measures 6.5how many inches of string does susie have

At a grocery store, the price of a watermelon is determined by how many pounds the watermelon weighs. The price of a watermelon that weighs 7.3 pounds is $4.38.

Which branch of government held the MOST power under the original state constitutions? A. legislative B. judiciary C. executive D. cabinet

Rudolpho takes 12 minutes to run 6 times around a 400-meter track. Assuming he runs at a constant speed, how long does he take to run 1 kilometer?

There are 16 cars and 64 passengers scheduled to go to a concert. Write a ratio in simplest form that compares the number of passengers to the number of cars

anthougo anthougo · Answer 1 · 2022-03-25T12:49:33+01:00

The journal entries for the transactions of Wildhorse Hardware Store for May using the perpetual inventory system are as follows:

Journal Entries:

May 1 Debit Inventory $9,200

Credit Accounts Payable (Black Wholesale Supply) $9,200

Terms 1/10, n/30.

May 2 Debit Accounts Receivable $5,600

Credit Sales Revenue $5,600
Terms 2/10, n/30.

Debit Cost of goods sold $4,500

Credit Inventory $4,500

May 5 Debit Accounts Payable (Black Wholesale Supply) $200

Credit Inventory $200

May 9 Debit Cash $5,488

Debit Cash Discounts $112

Credit Accounts Receivable $5,600

May 10 Debit Accounts Payable (Black Wholesale Supply) $9,000

Credit Cash $8,910

Credit Cash Discounts $90

May 11 Debit Supplies $900

Credit Cash $900

May 12 Debit Inventory $4,200

Credit Cash $4,200

May 15 Debit Cash $230

Credit Inventory $230

May 17 Debit Inventory $3,600

Credit Accounts Payable (Wilhelm Distributors) $3,600

Terms 2/10, n/30.

May 19 Debit Freight-in $250

Credit Cash $250

May 24 Debit Cash $5,500

Credit Sales Revenue $5,500

Debit Cost of goods sold $4,100

Credit Inventory $4,100

May 25 Debit Inventory $800

Credit Accounts Payable (Clasps Inc.) $800

Terms 3/10, n/30.

May 27 Debit Accounts Payable (Wilhelm Distributors) $3,600

Credit Cash $3,528

Credit Cash Discounts $72

May 29 Debit Sales Allowances and Refunds $88

Credit Cash $88

Debit Inventory $100

Credit Cost of goods sold $100

May 31 Debit Accounts Receivable $1,280

Credit Sales Revenue $1,280

Terms n/30.

Debit Cost of goods sold $894

Credit Inventory $894

What is the perpetual inventory system?

The perpetual inventory system is an inventory system that records whenever stock is sold or received, using an automation process that records in real-time.

The implication is that the perpetual inventory system will record changes in inventory at the time the transaction takes place and not at the end of the accounting period, say month-end.

Transaction Analysis:

May 1 Inventory $9,200 Accounts Payable (Black Wholesale Supply) $9,200

Terms 1/10, n/30.

May 2 Accounts Receivable $5,600 Sales Revenue $5,600
Terms 2/10, n/30.

Cost of goods sold $4,500 Inventory $4,500

May 5 Accounts Payable (Black Wholesale Supply) $200 Inventory $200

May 9 Cash $5,488 Cash Discounts $112 Accounts Receivable $5,600

May 10 Accounts Payable (Black Wholesale Supply) $9,000 Cash $8,910 Cash Discounts $90

May 11 Supplies $900 Cash $900

May 12 Inventory $4,200 Cash $4,200

May 15 Cash $230 Inventory $230

May 17 Inventory $3,600 Accounts Payable (Wilhelm Distributors) $3,600

Terms 2/10, n/30.

May 19 Freight-in $250 Cash $250

May 24 Cash $5,500 Sales Revenue $5,500

Cost of goods sold $4,100 Inventory $4,100

May 25 Inventory $800 Accounts Payable (Clasps Inc.) $800

Terms 3/10, n/30.

May 27 Accounts Payable (Wilhelm Distributors) $3,600 Cash $3,528 Cash Discounts $72

May 29 Sales Allowances and Refunds $88 Cash $88

Inventory $100 Cost of goods sold $100

May 31 Accounts Receivable $1,280 Sales Revenue $1,280

Terms n/30.

Cost of goods sold $894 Inventory $894

Learn more about journalizing business transactions at https://brainly.com/question/17201601