71 5 Sheridan Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheridanshowed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply 54.200, terms 2/10, 1/30 2 Sold merchandise on account $2,400, terms 1/10./30. The cost of the merchandise sold was $1.000. Recelved credit from Braun's Wholesale Supply for merchandise returned $250. Received collections in full, less discounts, from customers billed on sales of $2.400 on May 2 Pald Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $350. Purchased merchandise for cash $1,500. Received refund for poor quality merchandise from supplier on cash purchase $100. Purchased merchandise from Valley Distributors 51,400, FOB shipping point terms 2/10,1/30, Paid freight on May 17 purchase $180. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $2,000. Purchased merchandise on account From Lumley, Inc $600, FOB destination, terma 2/10, 1/30 27 Paid Valley Distributors in full less discount Maderefunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of 530, Sold merchandise on account $1.000 terme 1/30. The cost of the marchandise sold wus 5600 9 10 11 12 15 17 19 25 29 31 Sheridan Hareward'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. 301 Oner's Capital, No 401 Sales Revenue, No 412 Sales Returns and Allowances, No. 414 Sales Discounts and No SOS cost of Goods sold Journalize the transactions using a perpetual inventory system (Creditoccount titles are automatically inderted when amount entered. Do not indent manually. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit