Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May. Cullumbers' ledger showed Cash of $7,200 and Common Stock of $7.200. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Black Wholesale Supply for $7.200, terms 1/10,n/30. Sold merchandise on account for $3,600, terms 2/10, 1/30. The cost of the merchandise sold was $2,500. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount Purchased supplies for cash $900. Purchased merchandise for cash $2,300, Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $1,700, terms 2/10, 1/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. Purchased merchandise from Clasps Inc. for $800, terms 3/10,n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $84. Sold merchandise on account for $1.280, terms n/30. Tile cost of the merchandise sold was $930. 17 19 24 25 27 29 31 Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter o 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.) Date Debit Account Titles and Explanation Inventory Credit May 1 7,200 Accounts Payable 7.200 May 2 Accounts Receivable 3,600 3.600 Sales Revenue (To record credit sale) Cost of Goods Sold 2,500 2,500 Inventory (To record cost of merchandise sold) Accounts Payable May 5 200 Inventory 200 May 9 Cash 3528 Sales Discounts 72 Accounts Receivable 3.600 May 10 Accounts Payable 7000 Inventory 200 Accounts Receivable 3.600 May 10 Accounts Payable 7000 Inventory 700 Cash 6300 May 11 Supplies 900 Cash 900 May 12 Inventory 2.300 Cash 2.300 May 15 Cash 230 Inventory 230 May 17 Inventory 1.700 Accounts Payable 1.700 May 19 Inventory 250 Cash 250 May 24 Cash 5,500 Sales Revenue (To record sales) 5.500 (To record sales) Cost of Goods Sold 4.100 4,100 Inventory (To record cost of merchandise sold) May 25 Inventory 800 Accounts Payable 800 May 27 Accounts Payable 1.700 Inventory 34 Cash 1666 May 29 Sales Returns and Allowances 108 Sales Returns and Allowances Cash 108 (To record payment for returned merchandise) Inventory 84 84 Cost of Goods Sold (To record cost of goods returned) Accounts Receivable May 31 1.280 Sales Revenue (To record credit sale) 1,280 Cost of Goods Sold 930 930 Cost of Goods Sold 930 Inventory (To record cost of goods sold on account) Attempts: 1 of 1 used (b) Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (Post entries in the order of journal entries posted in part (a). Round answers to O decimal places, eg. 5,275.) Cash 5/1 5/10 5/9 5/11 V 5/15 > 5/12 5/24 > 5/19 v 5/27 5/29 > 5/31 Bal. Accounts Receivable Accounts Receivable Inventory Sales Discounts Cost of Goods Sold > Save for Later Attempts: 0 of 1 (c) Th