2252019 Problem 5-1A Winters Hardware Store completed the following merchandis ing transactions in the month of May. A2 the beginning o May, Winters' ledger showed Problem 51A Cash of $11,200 and Comman Stock of $11,200. May 1 Purchased merchandise on account from Black Whdeae Supply for $7,900, terms 1/10, /30. 2 Sold merchandise on account for $4,800, terms 2/10, n30. The cost of the merchandise sold was $3,600. 5 Received credit from Black Wholesale Supply for merchandise returned $300. 9 Received collections in full, les discounts, from customers biled on May 2 10 Paid Black Wholesale Supply in full, less discount 11 Purchased supplies for cash $1,260 12 Purchased merchandise for cash $4,340. 15 Received $322 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilthelm Dis tri butors for $2,750, terms 2/10, n/30. 19 Paid freight on May 17 purchase $350 24 Sold merchandise for cash $7,700. The cast of the merchandise sold was $5,740. 25 Purchased merchandise from Gasps Inc. for $1,120, tems 3/10, /30 27 Paid Wilhelm Distri butors in full, less discount 29 Made refunds to cash cust amers for returned merchandise $135. The returned merchandise had cost $90. 31 Sold merchandise on account for 1,792, terms n/30-The cost ofthe merchandise sold was $1,162. Your answer is partially correct. Try again. Joumalize the transactions using a perpetual inventory system. (If no entry is required, select No Entry for the account titles and enter for the amountsCredit account titles are automaticaly indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Tities and Explanation Debit May 1 Accounts Payable May 2 Receivable Sales Discounts record credt sale of Goods Sold To recard cost of merchandse sold) May 5 May 9 4704 Accounts Receivable May 103 2252019 Inventory May 11Supplies May 12 Cash 4340 May 15 Inventory May 17 Inventory Accounts Payable May 19 Freight-Out May 24 ash Sales Revenue To recard sales) of Goods Sold (To record cost of merchandse sold May 25 1120 Accounts Payable 1120 May 27Accounts Payable Inventory May 29 Sas Returns and Allowances recard pamet br returned medandse) Cost of Goods Sold (To record cost of good: reumed) May 31 1792 2252019 Problem 5-1A Sales Revenue 1792 record credit sale of Goods Sold 1162 1162 record cost of goods sold on acount) LINK TO TEXTLINKTO TEXT LINK TO TEXT LINK TO TEXT Your answer is partialy cormect. Try again. 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 0 decimal places, e.g.5,275.) Cash 11200 Accou nts Inven tory 3/6 2252019 Problem 5-IA Supplies 5/1 Bal 11200 Sales Revenue Discounts Problem 5-1A LIST OF ACCOUNTS Your answer is partialy correct. Try again. Prepare an income statement through gross profit for the month of May 2017. (Round answers to O decimal places, eg. 5,275.) WINTERS HARDWARE STORE Income Statement (Partia For the Month Ended May 31, 2017 sales 14292 SHOW LIST OF ACCOUNTS Your answer is incomect. Try again. Calculate the profit margin and the gross profit rate (Assume operating expenses were $1,960.) (Round answers to 1 decimal place, e.g 15.596.) Profit margin Grass proft rate LIST OF ACCOUNTS 5/6