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Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Braun's Wholesale Supply for $4,000, terms 2/10, n/30. Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,400. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $150. Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. #: : CULLUMBER HARDWARE STORE Income Statement (Partial) : $

Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Braun's Wholesale Supply for $4,000, terms 2/10, n/30. Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,400. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $150. Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. #: : CULLUMBER HARDWARE STORE Income Statement (Partial) : $

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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Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Braun's Wholesale Supply for $4,000, terms 2/10, n/30. Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,400. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $150. Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. #: # # CULLUMBER HARDWARE STORE Income Statement (Partial) $ $
Transcribed Image Text:Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $4,500 and Owner's Capital of $4,500. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Braun's Wholesale Supply for $4,000, terms 2/10, n/30. Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600. Received credit from Braun's Wholesale Supply for merchandise returned $400. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,400. Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $150. Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200. Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10, n/30. Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. #: # # CULLUMBER HARDWARE STORE Income Statement (Partial) $ $
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