Assume it is Monday, May 1, 2020, the rst business day of the month, and you have just been hired as the accountant for Kodiak Enterprises, which operates with monthly accounting periods. All of the company's accounting work has been completed through the end of April. Kodiak uses a perpetual system to account for inventory. The terms of all credit sales are 2/10, n/30. During your rst month on the job, you record the following transactions: May 1 Issued cheque # 3410 to Double A-Squared Management Co. in payment of the May rent. Charge 80% of the rent to Rent Expense - Selling Space and the balance to Rent Expense - Ofce Space. Total amount of the cheque is: $6,000.00 May 2 May 2 May 2 May 3 May 4 Issued cheque #3411 to Marine Water Co for water & sewer charges, total is: Sold merchandise on credit to the Chinook Tractor Company, invoice 8785. The total retail price for the merchandise is: The wholesale cost of the merchandise is: Issued 3 credit memorandum to Waterton Farms Inc. for merchandise we sold them on April 28 and which they returned for credit. The merchandise was returned to inventory. The memorandum was for the amount of: The wholesale cost of the returned merchandise is: Received a credit memorandum from Canola Products for merchandise received on April 29 and that we returned for credit this morning. The amount of the return was: Purchased the following items on credit from Taber Supply Co. with invoice dated May 4, terms n/10 EOM. Merchandise for resale Ofce Equipment Ofce Supplies $425.00 4,000.00 $2,040.00 $600.00 $306.00 $1,000.00 $8,000.00 $8,000.00 $161.00 May 5 Received payment from Waterton Farms Inc. from the sale of April 28