Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,300, terms 2/10, n/30. 2 Sold merchandise on account $1,800, terms 1/10,n/30. The cost of the merchandise sold was $1,600. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $1,800 on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor quality merchandise from supplier on cash purchase $100. 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10,n/30. 19 Paid freight on May 17 purchase $200. 24 Sold merchandise for cash $2,800. The merchandise sold had a cost of $2,200. 25 Purchased merchandise on account from Lumley, Inc. $750, FOB destination, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30. 31 Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500. Cash No. 101 Date Explanation Ref. Debit Credit Balance May 1 Balance 5000 May 9 J1 1782 6782 May 10 J1 3920 2862 May 11 J1 400 2462 May 12 J1 1300 1162 May 15 J1 100 1262 May 19 J1 200 1062 May 24 J1 2800 3862 May 27 J1 1176 2686 May 29 J1 70 2616 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance May 2 J1 1800 1800 May 9 J1 1800 i May 31 J1 1500 1500 Inventory No. 120 Date Explanation Ref. Debit Credit Balance May 1 J1 4300 4300 May 2 J1 1600 2700 May 5 V J1 300 2400 May 10 J1 80 2320 May 12 J1 1300 3620 May 15 J1 100 3520 May 17 J1 1200 4720 May 15 J1 100 3520 May 17 J1 1200 4720 May 19 31 200 4920 May 24 J1 2200 2720 May 25 J1 750 3470 May 27 J1 24 3446 May 29 J1 30 3476 May 31 J1 500 2976 Supplies No. 126 Date Explanation Ref. Debit Credit Balance May 11 J1 400 400 Accounts Payable No. 201 Date Explanation Ref. Debit Credit Balance May 1 J1 4300 4300 May 5 J1 300 4000 May 10 J1 4000 i May 17 J1 1200 1200 May 25 11 750 1950 May 27 11 1200 750 Owner's Capital No. 301 Date Explanation Ref. Debit Credit Balance May 1 Balance 5000 Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance May 2 J1 1800 1800 May 24 J1 2800 4600 May 31 J1 1500 6100 Sales Returns and Allowances No. 412 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance May 29 J1 70 70 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance May 9 J1 18 18 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance May 2 J1 1600 1600 May 24 J1 2200 3800 May 29 J1 30 3770 May 31 v J1 500 4270 Prepare an income statement through gross profit for the month of May 2020. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) CULLUMBER HARDWARE STORE Income Statement (Partial) $ $