Question

Journalize, post, and prepare a partial income statement. (LO 2, 3, 5) P5-28 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 Share Capital-Ordinary of $5,000. May 1 Purchased merchandise on account from Nute's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Nute's Wholesale Supply for merchandise returned $500. 9 Received collections in full, less discounts, from customers billed on sales of $2,300 on May 2. 10 Paid Nute's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,400. 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Sherrick Distributors $1,300, FOB shipping point, terms 2/10, n/30.

          Journalize, post, and prepare
a partial income statement.
(LO 2, 3, 5)
P5-28 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 Share Capital-Ordinary of $5,000.
May 1 Purchased merchandise on account from Nute's Wholesale Supply $4,200, terms
2/10, n/30.
2 Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise
sold was $1,300.
5 Received credit from Nute's Wholesale Supply for merchandise returned $500.
9 Received collections in full, less discounts, from customers billed on sales of $2,300
on May 2.
10 Paid Nute's Wholesale Supply in full, less discount.
11 Purchased supplies for cash $400.
12 Purchased merchandise for cash $1,400.
15 Received refund for poor quality merchandise from supplier on cash purchase $150.
17 Purchased merchandise from Sherrick Distributors $1,300, FOB shipping point,
terms 2/10, n/30.

Journalize, post, and prepare
a partial income statement.
(LO 2, 3, 5)
P5-28 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 Share Capital-Ordinary of5,000.
May 1 Purchased merchandise on account from Nute's Wholesale Supply 4,200, terms
2/10, n/30.
2 Sold merchandise on account2,300, terms 1/10, n/30. The cost of the merchandise
sold was 1,300.
5 Received credit from Nute's Wholesale Supply for merchandise returned500.
9 Received collections in full, less discounts, from customers billed on sales of 2,300
on May 2.
10 Paid Nute's Wholesale Supply in full, less discount.
11 Purchased supplies for cash400.
12 Purchased merchandise for cash 1,400.
15 Received refund for poor quality merchandise from supplier on cash purchase150.
17 Purchased merchandise from Sherrick Distributors 1,300, FOB shipping point,
terms 2/10, n/30.

Added by Samuel I.

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