2 5 10 11 Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May. Winterss' ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for $8.000, terms 1/10,n/30. Sold merchandise on account for $4,400, terms 2/10,n/30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $900 12 Purchased merchandise for cash $3,100 Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $2,500,terms 2/10, 1/30 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4.100. Purchased merchandise from Clasps Inc for $800, terms 3/10, 1/30. Paid Wilhelm Distributors in full, less discount Made refunds to cash customers for returned merchandise $124. The returned merchandise had cost $90. Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830. Type here to search d 15 17 19 25 27 29 31 + 6:01 PM 10/220 F2 F4 FS 12 F1 F6 F7 FB F9 FIO F11 Priser sert Devete 40 P * @ $ # 3 % 5 > 0 Backst 2 6 7 8 9 Q W E R U o P A s D F G J ? Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) 1 Type here to search O ! E 601 PM 10/23/2020 1$ F1 F2 F3 F4 ES FO F7 FB F9 F10 F11 F12 Priser INST 10 # % A * ) + $ 4 & 7 ( 9 1 2 3 5 6 8 O Q W E R Y O A S D F G DOB a N ? V B N M Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (Post entries in the order of journal entries posted in part (a). Round answers to decimal places, e.g. 5,275.) Cash > Accounts Receivable Type here to search O I 9 d Esc F F2 F3 F7 FB F10 F11 F12 Priser VEY 4 B $ % & ( 2 3 4 5 6 7 8 9 O Q W E R Y O A S D F G H. J L 1GAnna Prepare an income statement through gross profit for the month of May 2022. (Round answers to decimal places, eg. 5,275.) WINTERS HARDWARE STORE Income Statement (Partial) $ $ o o Type here to search 13 RI E 99+ 602 10/23 FT F2 F3 F4 FS FO 40 F7 FB F9 F10 F11 F12 Presc inser e @ $ * ( w # % 5 & 7 2 4 6 8 9 O W E R U o A S D F G KL Calculate the profit margin and the gross profit rate. (Assume operating expenses were $1.400.) (Round answers to 1 decimal place, eg, 15.5%) Profit margin % Gross profit rate % e Textbook and Media List of Accounts Save for Later Attempts:0 of 6 used Submit Answer Type here to search > BI O 9 602 PM 10/21/2 Ft FG E7 FB FO 10 F1 3 F T12 20 PESCI Insert a A & 7 2 3 4 5 6 8 9 0 Q W E R Y C 1 O P A S D F G J K N B. ? N M I 1 Alt Alt Ctrl