Estimated Inventory Returns 324 5/31 Bal. V 324 V Supplies 5/11 880 5/31 Bal. V 8:80 Accounts Payable 5/5 V 250 5/1 8200 5/10 7950 5/17 2450 5/27 V 2450 5/25 780 V 5/31 Bal. V 780 Refund Liability 5/29 V 118 V V V 118 V Common Shares V 5/1 Bal. V 8200 V 5/31 Bal. 8200 Sales 5/2 4400 5/24 5200 5/31 V 1200 V 5/31 Bal. V 10800 Cost of Goods Sold 5/2 V 3500 5/29 V 90 5/24 4100 5/31 900 5/31 Bal. 8410 VRecord the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round your answers to O decimal places, eg 5,275. Record journal entries in the order presented in the problem. List owl debit entries before credit entries. Account Titles and Explanation Debit Credit niventory 8200 Accounts Fayable 8200 7 Accounts Receivable 4400 Sales 4400 [To record sale of merchandise on account) Cost of Goods Sold 3500 Inventory (To record cost of goods sold) Accounts Payable Inventory Cash Accounts Receivable Accounts Payable Cash 7791 Inventory 159 Supplies Cash nventory Cash Cash nventory Inventory 2450 Accounts Payable 2450 Inventory Cash 7 Cash Sales 5200 [To record sale of merchandise) Cost of Goods Sold 4100 Inventory 4100 To record cost of goods sold) Inventory Accounts Payable Accounts Payable Cash Inventory Sales Returns and Allowances Cash 118 [To record sales returns) niventory Cost of Goods Sold (To record cost of Inventory returned) Accounts Receivable Sales 1200 [To record sale of merchandise) Cost of Goods Sold Inventory