journalize the adjusting entry for merchandise inventory shrinkage 3 750 665754

May

3

Purchased merchandise on account from Floyd Co., $4,000, terms FOB

Shipping

point, 2/10, n/30, with prepaid transportation costs of $120 added to the

invoice.

5

Purchased merchandise on account from Kramer Co., $8,500, terms FOB

destination,

1/10, n/30.

6

Sold merchandise on account to C. F. Howell Co., list price $4,000, trade

Discount

30%, terms 2/10, n/30. The cost of the merchandise sold was $1,125.

8

Purchased office supplies for cash, $150.

10

Returned merchandise purchased on May 5 from Kramer Co., $1,300.

13

Paid Floyd Co. on account for purchase of May 3, less discount.

14

Purchased merchandise for cash, $10,500.

15

Paid Kramer Co. on account for purchase of May 5, less return of May 10

and discount.

16

Received cash on account from sale of May 6 to C. F. Howell Co., less

discount.

19

Sold merchandise on account to Comer Co., $3,480, terms 2/10, n/30. The

cost of the merchandise sold was $1,400.

22

Sold merchandise for cash, $4,350. The cost of the merchandise sold was

$1,750.

25

Received merchandise returned by Comer Co. from sale on May 22, $1,480.

The cost of the returned merchandise was $600.

31

Paid a service processing fee of $140 for MasterCard sales.