Concord Corporation completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Concord Corporation showed Cash of $8,100 and Common Stock of $8.700. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, 1/30 2 Sold merchandise on account $4,500, terms 2/10.n/30. The cost of the merchandise sold was $3.700. 5 Received credit from Black Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Black Wholesale Supply in full less discount 11 Purchased supplies for cash $800 12 Purchased merchandise for cash $3.000 15 Received $250 refund for return of poor quality merchandise from supplier on cash purchase. 17 19 Purchased merchandise on account from Wilhelm Distributors for $2.400, terms 2/10, n/30 Paid freight on May 17 purchase $260. 24 Sold merchandise for cash $5,200. The merchandise sold had a cost of $4,000. 25 Purchased merchandise on account from Clasps, Inc. For $700, terms 3/10, 1/30 27 29 31 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $116. The returned merchandise cost $9. Sold merchandise on account for $1,390 terms n/30. The cost of the merchandise sold was $750 Concord Corporation'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. 311 Common Stock, 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation May 1 May 2 : May 5 (To record credit sale) (To record cost of merchandise sold) Debit Credit May $ May 9 Question 5 of 5 (To record cash sale) (To record cost of merchandise sold) -16 May 24 4 Cash May 25 Inventory May 27 Accounts Payable (To record merchandise returned) Accounts Payable Cash (To record cost of merchandise returned) Question 5 of 5 < May 29 (To record cost of merchandise returned) Sales Returns and Allowances -16 May 31 Cost of Goods Sold (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) eTextbook and Medial List of Accounts ad. Submit Answer E