At the beginning of the current soccer season, on May 1, 2021. Fullback Sports has 104 soccer balls in inventory at 510 each. The company uses a perpetual inventory system and the contract-based approach for revenue recognition. Based on past experience. Fullback's management estimates returns at 20% of sales and has a stated return policy of 15 days from the date of sale. The following sales transactions occurred in May; May 5 7 10 Sold 15 soccer balls to Wolverine Soccer Club for $20 each, 1/30 Wolverine Soccer Club returned 3 of the balls after determining it had purchased more balls than it needed. Fulltack gave Wolverine a credit on its account and returned the balls to inventory Sold 35 balls at $20 each to cash customers, 7 of the balls purchased for cash on May 10 were returned for cash because they were damaged. The balls were scrapped. Sold 25 balls to Spectre Community Club for $20 each./30. Collected cash from Wolverine Soccer Club for the amount owing. 12 17 31 Record the transactions for the month of May for Fullback Sports. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 5 Accounts Receivable 300 Refund Liability 60 Sale 240 To record sales on account.) ay 5 Estimated Inventory Returns 20 Cost of Goods Sold 130 150 Merchandise Inventory (To record cost of goods sold.) May Refund ability 00 Accounts Receivable III (To record cash refund for goods returned.) May 12 v Cost of Goods Sold 140 Estimated Inventory Returns (To record cost of damaged goods returned.) May 17 Accounts Receivable 420 Refund Liability 84 Sales (To record sales on account.) 50 May 17 Estimated Inventory Returns 160 Cost of Goods Sold 210 Merchandise Inventory (To record cost of goods sold.) 255 May 31 Cash Accounts Receivable To record credit for goods returned) Merchandise Inventory May 7 30 Cost of Goods Sold 30 To record cost of goods returned.) May 10 Cash 700 140 Refund Liability 50 Sales To record cash sale.) 70 May 10 Estimated Inventory Returns 280 Cost of Goods Sold 354 Merchandise Inventory (To record cost of goods sold.) 3C Hare