5 Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Blossoms ledger showed Cash of $7.000 and Common Stock of 57.000 May 1 Purchased merchandise on account from Black Wholesale Supply for $7,000, terms 1/10, 1/30. 2 Sold merchandise on account for $3,400, terms 2/10, 1/30. The cost of the merchandise sold was $2.300, Received credit from Black Wholesale Supply for merchandise retumed $200 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full less discount. 12 Purchased supplies for cash 3900 12 Purchased merchandise for cash $2,100. 15 Received $230 refund for return of poor quality merchandise from supplier on cash purchase Purchased merchandise from Wilhelm Distributors for $1,500, terms 2/10,6/30 Paid freight on May 17 purchase $250 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, 1/30, 27 Paid Wilhelm Distributors in full less discount Made refunds to cash customers for returned merchandise $88. The returned merchandise had cost $80. 31 Sold merchandise on account for $1.280, terms 1/30. The cost of the merchandise sold was $880. 17 19 29 Date Account Titles and Explanation Debit Credit May 1 Inventory 7000 Accounts Payable 7000 May 2 > Accounts Receivable 3400 Sales Revenue (To record credit sale) 3400 Cost of Goods Sold 2300 Inventory 2300 (To record cost of merchandise sold) Accounts Payable tay 5 200 Inventory 200 May 9 Cash 3332 Sales Revenue 68 Accounts Receivable 3400 May 10 Accounts Payable 6800 Cash 6732 Inventory 68 Question 5 of 5