2.240 Chapter 5 Accounting for Merchandise Operations
May 6 Accounts Receivable—C. F. Howell Co. 2,800
Sales 2,8006 Cost of Merchandise Sold 1,125
Merchandise Inventory 1,1258 Office Supplies 150
Cash 15010 Accounts Payable—Kramer Co. 1,300
Merchandise Inventory 1,30013 Accounts Payable—Floyd Co. 4,120
Merchandise Inventory 80
Cash 4,040
[$4,000(2%$4,000)$120]14 Merchandise Inventory 10,500
Cash 10,50015 Accounts Payable—Kramer Co. 7,200
Merchandise Inventory 72
Cash 7,128
[($8,500$1,300)1%$72;
$8,500$1,300$72$7,128]16 Cash 2,744
Sales Discounts 56
Accounts Receivable—C. F. Howell Co. 2,80019 Accounts Receivable—American Express 2,450
Sales 2,45019 Cost of Merchandise Sold 980
Merchandise Inventory 98022 Accounts Receivable—Comer Co. 3,480
Sales 3,48022 Cost of Merchandise Sold 1,400
Merchandise Inventory 1,40024 Cash 4,350
Sales 4,35024 Cost of Merchandise Sold 1,750
Merchandise Inventory 1,75025 Sales Returns and Allowances 1,480
Accounts Receivable—Comer Co. 1,48025 Merchandise Inventory 600
Cost of Merchandise Sold 60031 Cash 2,310
Credit Card Expense 140
Accounts Receivable—American Express 2,450May 31 Cost of Merchandise Sold 3,750
Merchandise Inventory 3,750