CraneHardware Store completed the following merchandising transactions in the month of May. At the beginning of May,Cranes' ledger showed Cash of $7,100and Common Stock of $7,100.May 1Purchased merchandise on account from Black Wholesale Supply for $7,100, terms 1/10, n/30.2Sold merchandise on account for $3,500, terms 2/10, n/30. The cost of the merchandise sold was $2,400.5Received credit from Black Wholesale Supply for merchandise returned $200.9Received collections in full, less discounts, from customers billed on May 2.10Paid Black Wholesale Supply in full, less discount.11Purchased supplies for cash $900.12Purchased merchandise for cash $2,200.15Received $230refund for return of poor-quality merchandise from supplier on cash purchase.17Purchased merchandise from Wilhelm Distributors for $1,600, terms 2/10, n/30.19Paid freight on May 17 purchase $250.24Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.25Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.27Paid Wilhelm Distributors in full, less discount.29Made refunds to cash customers for returned merchandise $163. The returned merchandise had cost $82.31Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $882.(a)Journalize the transactions using a perpetual inventory system.(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)it will have 7 extra asking the same things about to rcord cost of merchandise sold, then to recrod Sales, then to recrod cost of merchandise sold 3 times, then to rcord payment for returned merchandise, then to rcord cost of goods returned and to rcord credit sale, and finally to rcord cost of goods sold on account.

Question 1 of 4 - 15 Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold)