Answer Happy

Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sandhill showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10, n/30. 2 Sold merchandise on account $1,900, terms 1/10, n/30. The cost of the merchandise sold was $1,000. Received credit from Braun's Wholesale Supply for merchandise returned $300. 5 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,400. 15 Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $200. 19 24 Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,300. 25 Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $20. 31 Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $600. Sandhill Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue. No. 412 Sales Returns and Allowances. No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.
Cash Date Explanation Balance Ref. 31 31 31 31 31 31 31 31 31 Debit Credit No. 101 Balance
Accounts Receivable Date Explanation Ref. 31 Debit Credit No. 112 Balance
Inventory Date > Explanation Ref. 31 31 31 31 31 31 31 J1 31 31 31 Debit Credit No. 120 Balance:
J1 31 31 J1 Explanation Ref. 31 Explanation Ref. 31 J1 J1 31 31 31 Supplies Date Accounts Payable Date Debit Debit Credit Credit No. 126 No. 201 Balance Balance
Owner's Capital Date Sales Revenue Date Sales Returns and Allowances Date Sales Discounts Date Explanation Ref. Balance Explanation Ref. 31 31 31 Explanation Ref. 31 Explanation Ref. 31 Debit Debit Debit Debit S KAGER ŠI Credit Credit Credit Credit No. 301 Balance Balance Balance Balance No. 401 No. 412 No. 414
Cost of Goods Sold Date 100 Explanation Ref. J1 31 31 31 Debit Credit No. 505 Balance