Flounder Hardware Store Inc. completed the following merchandising transactions in the month of May 2025. At the beginning May, Flounder's fedger showed Cash of $7,800 and Common Shares of $7,800. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,800, terms 2/10,n/30, 2 Sold merchandise on account for $4,200, terms n/30. The cost of the merchandise sold was $3,300, 5 Received credit from Hilton Wholesale 5 upply for merchandise returned $230, 9 Received collections in full from customers billed on May 2. 10 Paid Hilton Wholesale Supply in fult, less discount. 11 Purchased supplies for cash $840. 12 Purchased merchandise for cash $2,550. 15 Received $270 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,350, terms 2/10,n/30. 19 Paid freight on May 17 purchase $270. 24 Sold merchandise for eash $5,000. The cost of the merchandise sold was $3,900. 25 Purchased merchandise from Foolware Inc. for $740, terms 3/10,n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $114, The returned merchandise was returned to 29 Made refunds to cash customers for returned merchandise $114. The returned merchandise was returned to inventory and had cost $86. 31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $800. Flounder Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. Date May 1 May 2 May 2 May 2 Account Titles and Explanation Inventory Accounts Payable Accounts Receivable Sales (To record sale of merchandise on account) Cost of Goods Sold Inventory (To record cost of goods sold) (To record cost of goods sold) Debit Credit 7,800 7,800 4.200 \begin{tabular}{r} ,200 \\ \\ \hline \end{tabular} \begin{tabular}{r} ,200 \\ \\ \hline \end{tabular} May 12v May 15 May 17 May 19 May 24. (To record sale of merchandise) (To record cost of goods sold) Question 1 of 4 0.92/3 L (To record sales returns) (To record cost of inventory returned) (To record sale of merchandise) Question 1 of 4 0.92/3 (To record cost of inventory returned) (To record sale of merchandise) (To record cost of goods sold) eTextbook and Media List of Accounts