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Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Blue Spruce's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 Purchased merchandise on account from Hilton Wholesale Supply for 100, terms 2/10, n/30. 2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,090. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $820. 12 Purchased merchandise for cash $2,650. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $230. 24 Sold merchandise for cash $5,610. The cost of the merchandise sold was $4,270. 25 Purchased merchandise from Toolware Inc. for $840, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870.

Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Blue Spruce's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 Purchased merchandise on account from Hilton Wholesale Supply for 100, terms 2/10, n/30. 2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,090. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $820. 12 Purchased merchandise for cash $2,650. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $230. 24 Sold merchandise for cash $5,610. The cost of the merchandise sold was $4,270. 25 Purchased merchandise from Toolware Inc. for $840, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870.

College Accounting (Book Only): A Career Approach
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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Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Blue Spruce's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,100, terms 2/10, n/30. 2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,090. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $820. 12 Purchased merchandise for cash $2,650. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $230. 24 Sold merchandise for cash $5,610. The cost of the merchandise sold was $4,270. 25 Purchased merchandise from Toolware Inc. for $840, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870.
Transcribed Image Text:Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Blue Spruce's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,100, terms 2/10, n/30. 2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,090. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $820. 12 Purchased merchandise for cash $2,650. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,700, terms 2/10, n/30. 19 Paid freight on May 17 purchase $230. 24 Sold merchandise for cash $5,610. The cost of the merchandise sold was $4,270. 25 Purchased merchandise from Toolware Inc. for $840, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870.
Prepare an income statement through gross profit for the month of May 2018. BLUE SPRUCE HARDWARE STORE INC. Income Statement (Partial) va $ $ $
Transcribed Image Text:Prepare an income statement through gross profit for the month of May 2018. BLUE SPRUCE HARDWARE STORE INC. Income Statement (Partial) va $ $ $
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