Answer:
Explanation:
The journal entries are shown below:
May 1
Cash A/c Dr $6,300
To Sales revenue A/c $6,300
(Being the cash sales is recorded)
May 1
Cost of goods sold A/c Dr $3,700
To Merchandise inventory A/c $3,700
(Being the cost of the inventory is recorded)
May 5
Merchandise inventory A/c Dr $2,000
To Account payable A/c $2,000
(Being the merchandise on account is recorded)
May 9
Account receivable A/c Dr $3,300
To Sales revenue $3,300
(Being the goods are sold on credit)
May 9
Cost of goods sold A/c Dr $1,900
To Merchandise inventory A/c $1,900
(Being the merchandise of inventory is recorded)
May 13
Sales salaries expense A/c Dr $900
Office salaries expense A/c Dr $600
To Cash A/c $1,500
(Being the expenses are recorded)
May 14
Account payable A/c Dr $2,000
To Cash A/c $2,000
(Being the amount is paid)
May 18
Equipment A/c Dr $8,000
To Cash A/c $2,000
To Account payable A/c $6,000
(Being equipment is purchased on account and on cash is recorded)
May 21
Inventory A/c Dr $600
To Cash A/c $600
(Being the purchase of inventory is recorded for cash)
May 26
Cash A/c Dr $2,600
To Land A/c $1,900
To Gain on sale of land A/c $700
(Being the land is sold)
