Issued Check No. 3410 to S&P Management Co. in payment of the May rent, $3,340. (Use two lines to record the transaction. Charge 80% of the rent to Rent Expense-Selling Space and the balance to Rent Expense-Office Space.)
Sold merchandise on credit to Hensel Company, Invoice No. 8785, for $6,100 (cost is $4,100).
Issued a $150 credit memorandum to Knox Co., for defective (worthless) merchandise sold on April 28 and returned for credit. The total selling price (gross) was $4,900.
Received a $750 credit memorandum from Peyton Products for the return of merchandise purchased on April 29.
Purchased the following on credit from Gear Supply Co.: merchandise, $36,072; store supplies, $594; and office supplies, $85. Invoice dated May 4, terms n/10 EOM.
Received payment from Knox Co., for the balance from the April 28 sale less the May 2 return and the discount.
Issued Check No. 3411 to Peyton Products to pay for the $6,200 of merchandise purchased on April 29 less the May 3 return and a 2% discount.
Sold store supplies to the merchant next door at their cost of $369 cash.
Purchased $4,500 of office equipment on credit from Gear Supply Co., invoice dated May 10, terms n/10 EOM.
Received payment from Hensel Company for the May 2 sale less the discount.
Purchased $9,600 of merchandise from Garcia, Inc., invoice dated May 10, terms 2/10, n/30.
Received an $900 credit memorandum from Gear Supply Co. for the return of defective office equipment received on May 10.
Issued Check No. 3412, payable to Payroll, in payment of sales salaries, $4,820, and office salaries, $3,350. Cashed the check and paid the employees.
Cash sales for the first half of the month are $59,720 (cost is $43,200). (Cash sales are recorded daily but are recorded only twice here to reduce repetitive entries.)
Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. (Such items are posted daily but are posted only twice each month because they are few in number.)
Sold merchandise on credit to Hensel Company, Invoice No. 8786, for $4,600 (cost is $2,500).
Purchased $13,250 of merchandise from Fink Corp., invoice dated May 14, terms 2/10, n/60.
Issued Check No. 3413 to Garcia, Inc., in payment of its May 10 invoice less the discount.
Sold merchandise to Lee Services, Invoice No. 8787, for $7,600 (cost is $5,740), terms 2/10, n/60.
Issued Check No. 3414 to Fink Corp. in payment of its May 14 invoice less the discount.
Purchased the following on credit from Gear Supply Co.: merchandise, $8,520; store supplies, $650; and office supplies, $263. Invoice dated May 24, terms n/10 EOM.
Purchased $3,400 of merchandise from Peyton Products, invoice dated May 23, terms 2/10, n/30.
Sold merchandise on credit to Crane Corp., Invoice No. 8788, for $14,800 (cost is $8,820).
Issued Check No. 3415 to Perennial Power in payment of the May electric bill, $1,266.
The owner of Colo Company, Jenny Colo, used Check No. 3416 to withdraw $6,500 cash from the business for personal use.
Received payment from Lee Services for the May 22 sale less the discount.
Issued Check No. 3417, payable to Payroll, in payment of sales salaries, $4,820, and office salaries, $3,350. Cashed the check and paid the employees.
Cash sales for the last half of the month are $66,700 (cost is $41,850).
Post to the customer and creditor accounts. Also post individual items that are not included in column totals at the end of the month to the general ledger accounts. Foot and crossfoot the journals and make the month-end postings.
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