Lumen OHM Assessment

Big Box Hardware Company engaged in the following transactions in May.

May 1 Sold merchandise on account for $252,400; terms 2/10, n/30, FOB shipping point, freight collect.
May 5 $42,200 of the good sold on account on May 1 were returned for a full credit. Payment of the goods had not yet been received.
May 6 Purchased merchandise on account in the amount of $107,900; credit terms are 2/10, N/30.
May 9 A sales allowance was granted for merchandise sold May 1 for $5,660 which was damaged in shipment.
May 10 Returned merchandise from May 6 purchase totaling $40,900.
May 11 Payment was received for the net amount due from the sale of May 1.
May 12 Paid amount owed from May 6 purchase less return and discount.

Journalize the transactions.

Journal
Date	Description	Debit	Credit
May 1	A/R	252,400.00
May 1	Sales Revenue		252,400.00

May 5	Sales Returns & Allowances	42,200.00
May 5	A/R		42,200.00

May 6	Purchases	107,900.00
May 6	A/P		107,900.00

May 9	Sales Returns & Allowances	5,660.00
May 9	A/R		5,660.00

May 10	A/P	40,900.00
May 10	Purchases Returns & Allowances		40,900.00

May 11	Cash	200,449.20
May 11	Sales Discounts	4,090.80
May 11	A/R		204,540.00

May 12	A/P	67,000.00
May 12	Purchases Discounts		1,340.00
May 12	Cash		65,660.00