2 9 10 11 Sheridan Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheridan showed Cash of $8.800 and Common Stock of $7.400. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,400, terms 1/10,n/30. Sold merchandise on account $4,800, terms 2/10,n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Black Wholesale Supply for merchandise returned $300 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. Purchased merchandise for cash $3,400. Received $250 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,300,terms 2/10, 1/30, FOB shipping point Paid freight on May 17 purchase $230. Sold merchandise for cash 56,000. The merchandise sold had a cost of $3,800. Purchased merchandise on account from Clasps, Inc. for $800, terms 3/10,n/30 Paid Wilhelm Distributors in full less discount Made refunds to cash customers for returned merchandise $119. The returned merchandise cost $10. Sold merchandise on account for $1,300 terms r/30. The cost of the merchandise sold was $850. 12 15 17 19 24 25 27 29 31 Sheridan Hardware's chart of accounts includes the following: No 101 Cash, No. 112 Accounts Receivable, No 120 Inventory, No 126 Supplies, No. 201 Accounts Payable, No 311 Common Stock No. 401 Sales Revenue, No 412 Sales Returns and Allowances. No 414 Sales Discounts, and No. 505 Cost of Goods Sold. b) (b) Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 1 Balance May 9 J1 May 10 31 May 11 1 May 12 V 11 May 15 1 May 19 J1 May 24 31 May 27 31 May 29 11 > No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance 31 31 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance 31 V 31 01 01 > 01 1 J1 Ji Common Stock No. 311 Debit Credit Balance Date Explanation Ref. Balance Sales Revenue Date Explanation Ref. No. 401 Debit Credit Balance J1 31 J1 No. 412 Sales Returns and Allowances Date Explanation Ref. Debit Credit Balance 31 Sales Discounts Date Explanation Ref. No. 414 Debit Credit Balance 31 Cost of Goods Sold Date Explanation Ref. No. 505 Debit Credit Balance 31 31 31 31 You como Journalize the transactions using a perpetual inventory system (Credit account ttles are automatically indented when amounts entered. Do not indent manually. If no entry is required, select "No Entry for the accountitles and enter for the amounts Record Journal entries in the order presented in the problem! Date Account Titles and Explanation Debit Cred intury 720 Accounts Payable Accounts Receivable 4800 (To record credit sale) V Costot Goods Sold 3100 Inventory (To record cost of merchandise sold) May As Pavab 000 May V Call 4704 Sales Dicons Account Rose 10 V Accounts 7100 C Mart 7 Su 900 Cah M 12V Sony 3400 C 240 try Your answer la correct Joanna as the transactions using a perpetual inventory systein, Credit account titles are automatically dridhetet ashen amount is enterad. Donet intent markaly if neenby isnagukrad select "No Entry for the account titles and enter un for the amounts Record journal entries in the order presented in the problem) Account Titles and Explanation Debit Credit Inventory 7400 Accounts Payable 5 Accounts Receivable 4800 Sales Retina | To record credit sale) Cost of Goods Sold Inventory (to record cost of merchandise sold Accounts Payable 110000 10 10000) OTTI Inventory > Catch Balens BUURT Auteurs Receivable 5 Accounts Payable 7009 my 71 Suoples od Caith 900 1200 > Canh 250 250 My15 Gan 250 May 17 2300 Accounts Payable 10 V MOV Ch Steve To record cash sale) May 24V Cotto Goods Sot In (To record cost of merchandise sold) 25 V Inventory Acusable M27 V Accounts Payable Can II ll ll Tomo SA IN DO Inventory M2 Stars and A To record merchandise returned) My v nary Cool Goods Sold (To record cost of merchandise returned) Mart (To record credit sale) MV Costo Enh 20 mentor von 2300 Accounts Payable 2300 230 Cah Cash 6000 (To record cash sale) Cour of God 3000 Inventory (To record cost of merchandise sold) Inventory 800 A Pavle Accounts Payable HI HA DONATE DI NOT DI DALAM 2300 ch 2254 119 ca (To record merchandise returned) 31 Costa Goods Sold (To record cost of merchandise returned) 5 Account Receive 1300 Sven (To record credit sale) > Cont of Good Gold Trever