During May, the last month of the fiscal year, the following transactions were completed:Record the following transactions on page 20 of the journal.May1Paid rent for May, $5,000. 3Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. 4Paid freight on purchase of May 3, $600. 6Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000. 7Received $22,300 cash from Halstad Co. on account. 10Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000. 13Paid for merchandise purchased on May 3. 15Paid advertising expense for last half of May, $11,000. 16Received cash from sale of May 6. 19Purchased merchandise for cash, $18,700. 19Paid $33,450 to Buttons Co. on account. 20Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise.

We have the following information for the month of May:

Answered: During May, the last month of the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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During May, the last month of the fiscal year, the following transactions were completed:

Record the following transactions on page 20 of the journal.

May	1	Paid rent for May, $5,000.
	3	Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.
	4	Paid freight on purchase of May 3, $600.
	6	Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the merchandise sold was $41,000.
	7	Received $22,300 cash from Halstad Co. on account.
	10	Sold merchandise for cash, $54,000. The cost of the merchandise sold was $32,000.
	13	Paid for merchandise purchased on May 3.
	15	Paid advertising expense for last half of May, $11,000.
	16	Received cash from sale of May 6.
	19	Purchased merchandise for cash, $18,700.
	19	Paid $33,450 to Buttons Co. on account.
	20	Paid Korman Co. a cash refund of $5,000 for damaged merchandise from sale of May 6. Korman Co. kept the merchandise.

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