Blue Spruce Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Blue Spruce's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 2 5 9 10 11 12 15 17 19 24 25 Purchased merchandise on account from Hilton Wholesale Supply for $8,100, terms 2/10, n/30. Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,090. Received credit from Hilton Wholesale Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $820. Purchased merchandise for cash $2,650. Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,700, terms 2/10,n/30. Paid freight on May 17 purchase $230. Sold merchandise for cash $5,610. The cost of the merchandise sold was $4,270. Purchased merchandise from Toolware Inc. for $840, terms 3/10,n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $80. Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870. 27 29 31 Blue Spruce Hardware uses a perpetual inventory system. (a) Record the above transactions. (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. Round answers to the nearest whole dollar eg 5.775.) Debit Credit Date Account Titles and Explanation May 1 Purchases 8100 Accounts Payable 3100 2. Accounts Receivable 4100 Sales 4100 (Sale of merchandise on account) Cost of Goods Sold 2 3090 Inventory 3090 (Cost of goods sold recorded) 5 Accounts Payable 300 Inventory 300 9 Cash Purchase Discounts Accounts Receivable 10 Accounts Payable Purchase Discounts Cash 11 Supplies Cash 12 Inventory Cash 15 Cash Inventory 17 Inventory Accounts Payable 19 Inventory Cash 24 Cash 24 Cash Sales (Sale of merchandise) Cost of Goods Sold 24 Inventory (Cost of goods sold recorded) Inventory 25 Accounts Payable 27 Accounts Payable Purchase Discounts Cash 29 Sales 29 Cash (Return of merchandise) Inventory Cost of Goods Sold (Return of merchandise, assuming goods are resaleable and returned to inventory) Accounts Receivable 31 Sales (Sale of merchandise) Cost of Goods Sold 31 Inventory (Cost of goods sold recorded)