Journalize the transactions using perpetual inventory system Sandhills Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May,Sandhills' ledger showed Cash of $7,900 and Common Stock of $7,900.May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900, terms 1/10, n/30.2Sold merchandise on account for $4,300, terms 2/10, n/30. The cost of the merchandise sold was $3,200.5Received credit from Black Wholesale Supply for merchandise returned $200.9Received collections in full, less discounts, from customers billed on May 2.10Paid Black Wholesale Supply in full, less discount.11Purchased supplies for cash $900.12Purchased merchandise for cash $3,000.15Received $230 refund for return of poor-quality merchandise from supplier on cash purchase..1719Purchased merchandise on account from Wilhelm Distributors for $2,400, terms 2/10, n/30.Paid freight on May 17 purchase $250.24Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.25Purchased merchandise on account from Clasps Inc. for $800, terms 3/10, n/30.2729Paid Wilhelm Distributors in full, less discount.Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $98.

The record of day-to-day transactions in the books of accounts is called journal entries. In a…

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Business

Accounting

Journalize the transactions using perpetual inventory system

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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