Below are transactions recorded by Patrick Corporation during the month of May. Note-on May 1" the balance in Patrick's Inventory Account was 70,000. The balance in Accounts Receivable on May 1 was 0 as was also the balance in Accounts Payable. Patrick gives their customers terms of 3/10,n/20 May 2 May 4 | May 5 May 11 May 9 May 10 May 14 May 16 Purchased $5,500 in merchandise from Bobswell Manufacturing, terms are 1/10, n/30 Paid freight of $200 on the May 2 purchase he Sold merchandise to Crafty Imitations for $8,000 - the merchandise cost $4,000 Paid Bobswell for the May 2 purchase Crafty Imitations paid the invoice Sold merchandise to Walmart for $11,000 - the merchandise cost $7,500 Purchased $4,000 of merchandise from Delaney Manufacturing terms were 3/10, n/45 Complained to Delaney Manfacturing that some of the product delivered was not exactly as ordered - they agree to provide a $300 allowance and we agreed to keep the merchandise Purchased $2,500 in merchandise from Apple Industries, terms are 2/15, n/30 Walmart was not happy with the colors of some of the goods and requested an allowance of $400 - we granted this Walmart paid cash to satisfy half of the invoice. Sold merchandise with a list price of $2,000 to Costco - the cost of the merchandise was $1,200 Costco returned 40% of the merchandise purchased Paid Delaney Manufacturing the amount due Paid Apple Industries the amounts due Walmart paid the other half of the amount due May 18 May 16 May 18 May 19 May 22 May 26 May 27 May 28 Required 1. Prepare all Je to recognize these transactions as described above 2. Report/Calculate Net Sales 3. Report/Calculate Cost of Goods Sold