Question & Answer: Problem 5-1A Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginni…..

Problem 5-1A Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters’ ledger showed Cash of $8,800 and Common Stock of $8,800. May 1 Purchased merchandise on account from Black wholesale Supply for $8,500, terms 1/10, n/30. 2 Sold mechandise on account for ss,000, terms 2/10·n/30. The cost of the merchandise sold was $3,750. 5 Received credit from Black Wholesale Supply for merchandise returned $500 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount 11 Purchased supplies for cash $990 12 Purchased merchandise for cash $3,410 15 Recelved $253 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $2,300, terms 2/10, n/30. 9 Paid freight on May 17 purchase $275 24 Sold merchandise for cash $6,050. The cost of the merchandise sold was $4,510 25 Purchased merchandise from Clasps Inc. for $880, terms 3/10, n/30, 27 paid withelm Distritutors in M·less discount. 29 Made refunds to cash customers for returned merchandise $140. The returned merchandise had cost $9s. 1 Sold merchandise on account for $1,408, terms n/30. The cost of the merchandise sold was $913.