Question

Record the entries of the following operations, in their respective journals

During May, Chung Refrigerating Company completed the following transactions.

May 2 Issued check no. 230 to Roundfield Realtors for May rent, $2,000.

May 5 Issued check no. 231 to Dukes Company for repairs, $560.

May 7 Issued check no. 232 to Orta Company for freight charges on May 1 and May 3 shipments, $184.

May 8 Sold merchandise to C. Share, terms 1/10, n/30, invoice no. 725, $1,000.

NOTE: All customer shipments are via Federal Express

May 9 Issued check no. 233 to Costello Company in full payment less discount.

May 10 Sold merchandise to R. Bell, terms 1/10, n/30, invoice no. 762, $1,250.

May 11 Issued check no. 234 to Vranes Manufacturing for balance of account less discount.

May 14 Issued credit memorandum to R. Bell for merchandise returned, $50. [ Invoice # CM 762C ]

May 15 Cash sales for the first half of the month, $9,670. (To shorten this problem, cash sales are recorded only twice a month instead of daily, as they would be in actual practice.) [ Ref. # CR 5-15 ]

May 16 Sold merchandise to L. Stokes, terms 1/10, n/30, invoice no. 727, $700.

May 17 Received check from C. Share for May 8 sale less discount. [ Ref. # CR 5-17 ]

May 19 Received check from R. Bell for balance of account less discount. [ Ref. # CR 5-19 ]

May 22 Issued check no. 235 for advertising purchase of May 12.

May 24 Issued check no. 236 for freight charge of May 21.

May 26 Sold merchandise to C. Share, terms 1/10, n/30, invoice no. 728, $800

May 28 Issued check no. 237 to Espinoza Company for purchase of office equipment, $350.

May 29 Issued check no. 238 to Costello Company for half of May 20 purchase less discount.

May 30 Received check in full from L. Stokes, discount not allowed. [ Ref. # CR 5-30 ]

May 31 Cash sales for the last half of month, $11,560. [ Ref. # CR 5-31 ]

May 31 Issued check no. 239, payable to Payroll for monthly sales salaries, $4,300.

Answer 1

	JOURNAL ENTRY
	Date	Ref	Account Title	Debit	Credit
	May 2	230	Rent Expense	$2,000
			Cash		$2,000
	May 5	231	Repair expenses	$560
			Cash		$560
	May7	232	Freight expenses	$184
			Cash		$184
	May8	725	Accounts receivable	$1,000
			Sales revenue		$1,000
	May9	233	Accounts payable	XXX		Information about amount not provided)
			Discount on purchase		XXX
			Cash		XXX
	May10	762	Accounts receivable	$1,250
			Sales revenue		$1,250
	May 11	234	Accounts payable	XX		Information about amount not provided)
			Discount on purchase		XX
			Cash		XX
	May14	CM762C	Sales return	$50
			Accounts receivable		$50
	May15	CR5-15	Cash	$9,670
			Sales revenue		$9,670
	May16	727	Accounts receivable	$700
			Sales revenue		$700
	May17	CR5-17	Cash	$990		(1000-(1000*0.01)=		990
			Discount	$10
			Accounts receivable		$1,000
	May19	CR5-19	Cash	$1,237.50		(1250-(1250*0.01)=		1237.50
			Discount	$12.50
			Accounts receivable		$1,250
	May22	235	Accounts payable			(Details of advertising purchase of May 12not provided)
			Cash
	May24	236	Freight expenses	XX		Information about amount not provided)
			Cash		XX
	May26	728	Accounts receivable	$800
			Sales Revenue		$800
	May28	237	Office Equipment	$350
			Cash		$350
	May29	238	Accounts payable	XXX		(Details of May20 purchase not provided)
			Discount on purchase		XX
			Cash		XX
	May30	CR5-30	Cash	$700
			Accounts receivable		$700
	May31	CR5-31	Cash	$11,560
			Sales revenue		$11,560
	May31	239	Salaries payable	$4,300
			Cash		$4,300