Goods tions for the month of June for Kern's Book Warehouse using a per Instructions nalize the transactions ntory system. Journalize the petual inventor Hardware Store completed the following merchandising transactions in Jou At the beginning of May, the ledger of Renner showed Cash of $5,000 ap P5.2A Renner Hard the month of May. A Owner's Capital of $5,000 and Owner's ased merchandise on account from Braun's Wholes May 1 Purchased terms 2/10, n/30. Sold merchandise handise on account $2,100, terms 1/10, n/30. The cost of the 2 merchandise sold was $1,300. credit from Braun's Wholesale Supply for merchandise returned 5 Received credit from $300. 9 Received collections in 10 Paid Braun's Wholes ed collections in full, less discounts, from customers billed on sales of $2,100 on May 2. Braun's Wholesale Supply in full, less discount. 1 Purchased supplies for cash $400. Purchased merchandise for cash $1,400. Deceived refund for poor quality merchandise from supplier on cash purchase $150. Purchased merchandise from Valley Distributors $1,300, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $130. 24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000 25 Purchased merchandise from Lumley, Inc. $620, FOB destination, terms 2/10, n/30. 120 ndise $70. The returned mg for Merchandising Operations The cost of the merchandie 31 Sold me No 101 Cash, No. 11 Accounts Payable, 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70 merchandise had a fair value of $30. Sold merchandise on account $1,000 terms n/30. The cost o sold was $560. Renner Hardware's chart of accounts includes the following: No. 10 Accounts Receivable. No. 120 Inventory, No. 126 Supplies, No. 201 Acco No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. nd Allowances, Instructions actions. (Use Jl for (a) Journalize the transactions using a perpetual inventory system. (b) Enter the beginning cash and capital balances and post the transactions the journal reference.) (c) Prepare an income statement through gross profit for the month of May 2012 1. During the nast sort