Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Blossom showed Cash of $4,500 and Owner's Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10,n/30. 2 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,000. 5 Received credit from Braun's Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,200. 15 Received $100 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,100, terms 2/10,n/30,FOB shipping point. 19 Paid freight on May 17 purchase $100. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $1,800. 25 Purchased merchandise on account from Lumley, Inc, for $550, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29. Made refunds to cash customers for returned merchandise $60. The returned merchandisecost \$20. 31 Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. Blossom Hardware'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 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. (a) Journalize the transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter of for the amounts.) Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of iournal entries presented J1 Inventory No. 120 Date Explanation Ref. J1 J1 J1. J1 J1 J1 JI 11 Ji J1 J1 J1 J1 Credit Debit Balance Accounts Payable No. 201 Date Explanation Ref. 11 JI 11 J1 J1 J1 Credit Balance Owner's Capital Balance Debit JI No. 301 Date Explana Sales Revenue Sales Revenue Explanation Ref. J1 JI Sales Returns and Allowances Sales Returns and Allowances Credit Credit Balance Prepare a multiple-step income statement through gross profit for the month of May 2022. (Use the ledger balances from part b and assume that no adjustments are necessary.) (Enter negative amounts using either a negative sign preceding the number Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Blossom showed Cash of $4,500 and Owner's Capital of $4,500. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $3,800, terms 2/10,n/30. 2 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,000. 5 Received credit from Braun's Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,200. 15 Received $100 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,100, terms 2/10,n/30,FOB shipping point. 19 Paid freight on May 17 purchase $100. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $1,800. 25 Purchased merchandise on account from Lumley, Inc, for $550, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29. Made refunds to cash customers for returned merchandise $60. The returned merchandisecost \$20. 31 Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $500. Blossom Hardware'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 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. (a) Journalize the transactions using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter of for the amounts.) Date Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of iournal entries presented J1 Inventory No. 120 Date Explanation Ref. J1 J1 J1. J1 J1 J1 JI 11 Ji J1 J1 J1 J1 Credit Debit Balance Accounts Payable No. 201 Date Explanation Ref. 11 JI 11 J1 J1 J1 Credit Balance Owner's Capital Balance Debit JI No. 301 Date Explana Sales Revenue Sales Revenue Explanation Ref. J1 JI Sales Returns and Allowances Sales Returns and Allowances Credit Credit Balance Prepare a multiple-step income statement through gross profit for the month of May 2022. (Use the ledger balances from part b and assume that no adjustments are necessary.) (Enter negative amounts using either a negative sign preceding the number