Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Crane showed Cash of $5,500 and Owner's Capital of $5,500. May 1 2 Purchased merchandise on account from Braun's Wholesale Supply for $4,200, terms 2/10, n/30. Sold merchandise on account $1,600, terms 1/10, n/30. The cost of the merchandise sold was $1,200. 5 Received credit from Braun's Wholesale Supply for merchandise returned $400. 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 $350. 12 Purchased merchandise for cash $1,500. 15 15 17 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $170. Sold merchandise for cash $2,900. The merchandise sold had a cost of $1,800. 19 24 25 Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10, n/30. 27 29 31 Paid Valley Distributors in full, less discount. Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $30. Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500. Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash No. 101 Date Explanation Ref. Debit Credit Balance May 1 Balance May 9 31 May 10 v 31 May 11 v 01 May 12 v 31 May 15 v 31 May 19 v 31 May 24 v 01 May 27 v 31 May 29 Accounts Receivable Date 31 No. 112 Explanation Ref. Debit Credit Balance No. 112 Explanation Ref. Debit Credit Balance Accounts Receivable Date May 2 V May 9 11 J1 May 31 v 31 Inventory No. 120 Date Explanation Ref. Debit Credit Balance May 1 01 May 2 J1 May 5 V J1 May 10 v 31 May 12 v J1 May 15 v 31 May 17 v 31 May 19 31 May 24 v 31 May 25 v 31 May 27 11 May 19 v 31 May 24 v 31 May 25 31 May 27 v 31 May 29 31 May 31 v 31 Supplies Date Explanation Ref. Debit Credit Balance May 11 01 Accounts Payable Date Explanation Ref. Debit Credit Balance May 1 31 May 5 v 11 May 10 31 May 17 v 01 May 25 v 31 May 27 31 No. 126 No. 201 Date Explanation Ref. Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance May 21 J1 May 24 v 31 May 31 31 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance May 29 31 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance May 9 J1 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance May 2 31 May 24 31 May 29 31