Company A prepares financial statements monthly. The following transactions occurred during the month ended $30$th May $2023$:

On $1$st May: Company A purchases inventory $$500,$ terms $1/10,$ n$/30.$ Shipping fee is paid by the buyer in cash $$100$ to shipping company.

On $3$rd May: Company A returned $$50$ defective inventories purchased on $1$st May, the seller accepted to receive goods back.

On $6$th May: Company A sold inventories for $$2,000,$ terms $2/7,$n$/30$ the cost of inventories sold was $$1,000.$ Shipping fee is paid by the seller in cash $$100$ to shipping company.

On $8$th May: Company A accepted the return of $$200$ defective inventories from customer. On $9$th May: Company A granted the deduction in sales price for total of $$300$ for small errors of inventories sold, so that the buyer will keep those goods.

On $9$th May: Company A paid sellers for the purchase on $1$st May.

On $13$th May: Company A received payment from customers for the sale on on $6$th May.

Instruction:

$1.$ Journalize those transactions.

$2.$ Prepare Statement of Income statement for the month, knowing that other operating expenses are $$2,500,$ ignore the taxation.

Note: You need to show detailed calculations to be marked.