Post, Freight and Carriers

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Copple Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Copple showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Nute Wholesale Supply $6,000, terms 2/10, n/30. 2 Sold merchandise on account $5,000, terms 1/10, n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Nute Wholesales Supply for merchandise returned $600. 9 Received collections in full, less discounts, from customers billed on sales of $5,000 on May 2. 10 Paid Nute Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $2,700. 15 Received refund for poor quality merchandise from supplier on cash purchase $230. 17 Purchased merchandise from Sherrick Distributors $1,900, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $6,200. The merchandise sold had a cost of $4,600. 25 Purchased merchandise from Duffy Inc. $1,000, FOB, destination, terms 2/10, n/30. 27 Paid Sherrick Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $100. The returned merchandise had a scrap value of $20. 31 Sold merchandise on account $1,600, terms n/30. The cost of the merchandise sold was $1,120. Copple Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Public Comments

1. May 1 Purchased merchandise on account from Nute Wholesale Supply $6,000, terms 2/10, n/30 Dr Merchandise inventory 6,000 Cr Accounts Payable 6,000 2 Sold merchandise on account $5,000, terms 1/10, n/30. The cost of the merchandise sold was $3,100 Dr Accounts Receivable 5,000 Cr Sales 5,000 Dr COGS 3,100 Cr Merchandise inventory 3,100 5 Received credit from Nute Wholesales Supply for merchandise returned $600 Dr AP 600 Cr Merchandise inventory 600 9 Received collections in full, less discounts, from customers billed on sales of $5,000 on May 2 Dr Cash 4,950 Dr Sales discount 50 Cr AR 5,000 10 Paid Nute Wholesale Supply in full, less discount Dr AP 5,400 Cr Merchandise inventory 108 Cr Cash 5,292 11 Purchased supplies for cash $900 Dr Supplies 900 Cr Cash 900 12 Purchased merchandise for cash $2,700 Dr Merchandise inventory 2,700 Cr Cash 2,700 15 Received refund for poor quality merchandise from supplier on cash purchase $230 Dr Cash 230 Cr Merchandise inventory 230 17 Purchased merchandise from Sherrick Distributors $1,900, FOB shipping point, terms 2/10, n/30 Dr Merchandise inventory 1,900 Cr AP 1,900 19 Paid freight on May 17 purchase $250 Dr Merchandise inventory 250 Cr Cash 250 24 Sold merchandise for cash $6,200. The merchandise sold had a cost of $4,600 Dr AR 6,200 Cr Sales 6,200 Dr COGS 4,600 Cr Merchandise inventory 4,600 25 Purchased merchandise from Duffy Inc. $1,000, FOB, destination, terms 2/10, n/30 Dr Merchandise inventory 1,000 Cr AP 1,000 27 Paid Sherrick Distributors in full, less discount Dr AP 1,000 Cr Merchandise inventory 20 Cr Cash 980 29 Made refunds to cash customers for defective merchandise $100. The returned merchandise had a scrap value of $20 Dr Sales returns & allowances 100 Cr Cash 100 Dr Merchandise inventory (for scrap) 20 Cr COGS 20 31 Sold merchandise on account $1,600, terms n/30. The cost of the merchandise sold was $1,120 Dr AR 1,600 Cr Sales 1,600 Dr COGS 1,120 Cr Merchandise inventory 1,120