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.