Hardware Company had the following transactions during May 2021:
May 1
Sold merchandise on credit for $3,400, cost $1,900 terms 2/7, n/30.
May 2
Purchased merchandise for cash, $1,000.
May 4
Purchased merchandise on credit for $5,900, terms 3/6, n/21.
May 6
Issued a refund for $320 to a customer who returned merchandise purchased
April 30, cost $200.
May 7
Received payment for merchandise sold May 1.
May 8
Received a credit memorandum for $900 for the return of faulty merchandise
purchased on May 4.
May 9
Paid transportation charges of $150 for merchandise ordered in April based on
shiping term FOB Shipping Point.
May 10
Paid for the merchandise purchased May 4 less merchandise returned.
May 11
Sold merchandise on credit for $5,200, terms 2/7; n/30, cost $4,000.
May 18
Received payment for merchandise sold on May 11.
May 19
Purchased merchandise on credit for $2,300, terms 1.5/7; n/21.
Prepare journal entries to record these transactions, using a perpetual inventory system.
GENERAL JOURNAL
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DATE/#
ACC#/DESCRIPTION
P.R
DEBIT
CREDIT