record merchandising transactions and prepare single step and multiple step income s 538779

May 3

Purchased 500 pounds of plant food on account from the manufacturer for $20 per pound. The terms were 1/10, n/30, FOB shipping point. Freight costs were $90.

May 6

Sold 50 pounds of plant food to Center Street Garden Supply for $35 per pound on account, with terms 2110, n/30, FOB destination’ Freight costs were $15.

May 10

Paid the manufacturer for the May 3 purchase

May 15

Received payment in full from Center Street Garden Supply

May 17

Sold 200 pounds of plant food to Perry’s Plants on account for $34 per pound, with terms I/10, n130, FOB shipping point. Freight costs were $100.

May 19

Returned 10 pounds of spoiled plant food to the manufacturer and received cash payment of $20 per pound

May 20

Purchased 300 pounds of plant food on account from the manufacturer for $20 per pound. Terms were n/30, FOB destination. Freight costs were $50.

May 24

Sold 150 pounds of plant food to Sam’s Pest Control for $24 each for cash. Sam’s picked up the order, so there were no shipping costs.

May 31

Paid for the purchase on May 20

May 3 1

Declared and paid cash dividends of $ 150