Date Transaction 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600. May Roguirodi

Principles of Accounting Volume 2
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ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...
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Mead Company uses a perpetual inventory system and engaged in the following transactions durig the month of May:

Record the preceding transactions in a general journal.

Date
Transaction
1 Made cash sales of $6,300; the cost of the inventory was $3,700.
5 Purchased $2,000 of inventory on credit.
9 Made credit sales of $3,300; the cost of the inventory sold was $1,900.
13 Paid sales salaries of $900 and office salaries of $600.
14 Paid for the May 5 purchases.
18 Purchased sales equipment costing $8,000; made a down payment of
$2,000 and agreed to pay the balance in 60 days.
21 Purchased $600 of inventory for cash.
27 Sold land that had originally cost $1,900 for $2,600.
May
Roguirodi
Transcribed Image Text:Date Transaction 1 Made cash sales of $6,300; the cost of the inventory was $3,700. 5 Purchased $2,000 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $1,900. 13 Paid sales salaries of $900 and office salaries of $600. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $8,000; made a down payment of $2,000 and agreed to pay the balance in 60 days. 21 Purchased $600 of inventory for cash. 27 Sold land that had originally cost $1,900 for $2,600. May Roguirodi
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ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College