The working papers that accompany this book are not available, omit this comprehensive problem.) Assume it is Monday, May 1, the first business day of the month and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the company's acc work is completed through the end of April and its ledgers show April 30 balances. During your first month on the job, the company experiences the following transactions and events( terms for all its credit sales are 2/10, n/30 unless stated differently.
May1. Issued check no. 3410 to S&P Mana co. in payment of the may rent, $3710(use two lines to record the transaction. Charge 80% of the rent to rent expense. selling space and the balance to rent expense---office space.)
2. Sold merch on credit to hensel co., invoice no. 8785 for $6100(cost if $4100)
2. Issued a $175 credit memo to knox, inc., for defective (worthless) merch sold on april 28 and returned for credit. The total selling price (gross) was $4725
3. Received a $798 credit memo form peyton products for the return of merch purchase on april 29.
4. purchased the following on credit from gear supply co. merch $37072, store supplies $574, and office supplies, $83,. invoice dated May 4, terms n/10 EOM
There is more but I couldn't fit it all in here. I can email the rest of the information. Any help would be greatly appreciated. Thank you.
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