13. XYZ Company uses the perpetual inventory system and the gross method of accounting for sales. The company had a merchandise inventory balance of $2,500 on May 1. The company had the following transactions during the month of May. May 3 May 4 May 6 May 8 May 15 May 31 Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of the merchandise sold was $350. Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250. Sold merchandise to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750. The customer from May 3 returned merchandise with a selling price of $100. The cost of the merchandise returned was $55. The customer from May 6 paid the full amount due, less any appropriate discounts earned. The customer from May 3 paid the full amount due, less any appropriate discounts earned. Using the attached T-account template, document the balance in the merchandise inventory account, labeling it "BAL". Then prepare the required entries to recognize these transactions, labeling the transactions with the date.