Answer to Question #228150 in Accounting for rvf

Question

Robinson Co. Ltd. completed the following merchandising transactions in the month of May.. At the beginning of May, the ledger of Robinson showed Cash balance of $6,000.

a) Journalize the following transactions of May (Assume that the company follows Perpetual Inventor System), by

- - - selecting the accounts to be debited and stating the debit amounts,

- - - selecting the accounts to be credited and stating the credit amounts.

(b) Post the transactions in the following ledger accounts i) Cash ii) Merchandise Inventory iii) Cost of Goods Sold

3. May 5 Purchased merchandise for cash $1,500.

4. May 7 Received credit from Logun Ltd. for merchandise returned $300.

5.May 10 Paid Logun Ltd. for purchase in May 1.

6.May 12 Received payment in cash from customers billed on sales of $2,100 on May 2.

11. May 27 Paid Costa Distributors for the purchase in May 17.

13. May 31 Sold merchandise on account $900, terms n/30.The cost of the merchandise sold was $560

Answer 1

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