Flint Hardware uses perpetual inventory system and expects a return rate of 3% on all sales.

Required:

Post the transactions to T- accounts.

Flint Hardware Store Inc. completed the following merchandising transactions in the month of May 2025. At the beginning of May. Flint's ledger showed Cash of $7,600 and Common Shares of $7,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,600, terms 2/10, n/30. Sold merchandise on account for $4,100, terms n/30. The cost of the merchandise sold was $3,200. Received credit from Hilton Wholesale Supply for merchandise returned $220. Received collections in full from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $820. Purchased merchandise for cash $2,500. Received $260 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30. Paid freight on May 17 purchase $260. Sold merchandise for cash $4,900. The cost of the merchandise sold was $3,800. Purchased merchandise from Toolware Inc. for $720, terms 3/10, n/30. 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $112. The returned merchandise was returned to inventory and had cost $84. Sold merchandise on account for $1,000, terms n/30. The cost of the merchandise sold was $900,