perpetual inventory system
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Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters’ ledger showed Cash of $10,400 and Common Stock of $10,400.
Purchased merchandise on account from Black Wholesale Supply for $8,050, terms 1/10, n/30.
2 Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300.
5 Received credit from Black Wholesale Supply for merchandise returned $350.
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 $1,170.
12 Purchased merchandise for cash $4,030.
15 Received $299 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Wilhelm Distributors for $2,350, terms 2/10, n/30.
19 Paid freight on May 17 purchase $325.
24 Sold merchandise for cash $7,150. The cost of the merchandise sold was $5,330.
25 Purchased merchandise from Clasps Inc. for $1,040, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $91.
31 Sold merchandise on account for $1,664, terms n/30. The cost of the merchandise sold was $1,079.
*(a) Journalize the transactions using a perpetual inventory system. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
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