The following transactions occurred for Marjorie's Jewelry Store during the month:
a.On May 1,the owner,Marjorie,purchased 10 rings on account at $6,000 each.Credit terms were 2/10,net 30.
b.On May 2,Marjorie returned one ring due to a defect in cut.
c.On May 3,Marjorie's Jewelry Store sold three of the rings on account at $8,000 each to one customer.The credit terms were 2/10,net 30.
d.On May 9,Marjorie paid off the accounts payable.
e.On May 10,the customer paid for one ring sold on May 3.
f.On May 31,Marjorie paid rent of $4,000 for the month of May and wages of $5,000.
Required:
1.Journalize the above transactions for Marjorie's Jewelry Store.The store uses the perpetual inventory system.Explanations are not required.
2.Prepare the income statement for the month ending May 31,2014.Use the multiple-step format and ignore taxes.

Question

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The Answer of The following transactions occurred for Marjorie's Jewelry Store during the month:
a.On May 1,the owner,Marjorie,purchased 10 rings on account at $6,000 each.Credit terms were 2/10,net 30.
b.On May 2,Marjorie returned one ring due to a defect in cut.
c.On May 3,Marjorie's Jewelry Store sold three of the rings on account at $8,000 each to one customer.The credit terms were 2/10,net 30.
d.On May 9,Marjorie paid off the accounts payable.
e.On May 10,the customer paid for one ring sold on May 3.
f.On May 31,Marjorie paid rent of $4,000 for the month of May and wages of $5,000.
Required:
1.Journalize the above transactions for Marjorie's Jewelry Store.The store uses the perpetual inventory system.Explanations are not required.
2.Prepare the income statement for the month ending May 31,2014.Use the multiple-step format and ignore taxes.

The Following Transactions Occurred for Marjorie's Jewelry Store During the Month