On May 1, Bintang Supply had an inventory of 20 travel bags at a cost of RM25 each. The company uses a perpetual inventory system. During May, the following transactions and events occurred.
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May 4 |
Purchased 40 travel bags at RM25 each from Cloud Company, terms 2/10, n/30. |
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May 6 |
Received credit of RM125 for the return of five travel bags purchased on May 4 that were defective. |
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May 9 |
Sold 20 travel bags for RM35 each to Twinkle Store, terms 2/10, n/30. |
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May 11 |
Sold 15 travel bags for RM35 each to Bulan Travel Agency, terms n/30. |
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May 12 |
Bulan Travel Agency returned two defective travel bags that were purchased on May 11. |
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May 13 |
Paid Cloud Company in full, less discount. |
Instructions
Journalize the May transactions for Bintang Supply