Grouper Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Groupers ledger showed Cash of $7,400 and Common Shares of $7,400. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,400, terms 2/10, n/30. 2 Sold merchandise on account for $4,100, terms 3/10, n/30. The cost of the merchandise sold was $3,030. 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $920. 12 Purchased merchandise for cash $2,880. 15 Received $240 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30. 19 Paid freight on May 17 purchase $260. 24 Sold merchandise for cash $5,040. The cost of the merchandise sold was $4,310. 25 Purchased merchandise from Toolware Inc. for $730, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $110. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,230, terms n/30. The cost of the merchandise sold was $870.

Grouper Hardware uses a perpetual inventory system.

Date Account Titles and Explanation Debit Credit 2 (Sale of merchandise on account) 2 (Cost of goods sold recorded) 5 10 11 12 15 17 19 Sale of merchandise 24 (Cost of goods sold recorded) 25 27 (Return of merchandise 29 (Retum of merchandise, assuring goods are resaltable and returned to inventory) 31 Sale of merchandise (Cost of goods sold recorded