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First Choice Ltd.completed the following merchandising transactions in the month of May 2021. At the beginning of May, First Choice's ledger showed Cash $7,600, Accounts Receivable $2,200, Inventory $3,800, Common Shares $8,400; and Retained Earnings $5,200. First Choice has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4 7 8 9 11 14 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,640, terms 1/10, n/30, FOB shipping point Freight charges of $146 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Ry Company for $3,800, terms n/30, FOB destination. The cost of the merchandise was $2,700. Freight charges of $92 were paid by the appropriate party on the May 4 sale. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $420 cash. Received payment in full from Ry Company for merchandise sold on account May 4. Collected $1,000 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Purchased merchandise from Harlow Distributors Inc. for $2,600, terms n/30, FOB destination. Freight of $50 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $7,200 cash. The cost of the merchandise was $4,100. Paid a $100 cash refund to customers for returned merchandise. The cost of the returned merchandise was $58. It was restored to inventory. A physical inventory count was taken and determined that there was $5.080 of inventory on hand. Prepare any adjustment required. 15 18 21 22 29 61 Record the May transactions. (List all debit entries before creditentries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amour Date Account Titles and Explanation Debit Cre May 1 Inventory 5,640 Accounts Payable May 3 Inventory 146 Cash May 4 Accounts Receivable 3,800 Sales Refund Liability (Sale of goods on account) May 4 Estimated Inventory Returns 54 Cost of Goods Sold 2,646 Inventory (Cost of goods sold recorded) Freight Out May 7 92 Cash May 8 Accounts Payable 140 Inventory May 9 Accounts Payable 5.500 Cash Inventory 0.96 / 4 May 8 Accounts Payable 140 Inventory May 9 Accounts Payable 5,500 Cash Inventory May 11 Supplies 420 Cash May 14 Cash 3,800 Accounts Receivable May 15 Cash 0 1,000 Accounts Receivable May 18 Inventory 2,600 Accounts Payable May 21 No Entry O No Entry May 22 Cash 7.200 Sales Refund Liability (Sale of goods) May 22 Cost of Goods Sold 2.018 82 Estimated Inventory Returns Inventory Account Payable = May 21 No Entry No Entry May 22 7,200 Sales Refund liability (Sale of goods) May 22 Cost of Goods Sold 4,018 Estimated Inventory Returns 82 Inwertory (Cost of goods sold recorded) May 29 Refund Liability 100 Cash (Return of merchandise) May29 Inventory 58 Estimated Inventory Returns (Return of merchandise, assuming goods are resaleable and returned to inventory) May 31 Cost of Goods Soid 169 Inventory (b) Set up T accounts, enter the opening balances, and post the transactions. (Post entries in the order of journal entries the previous part) Cash May 1 Bal. 7600 V V v v V Accounts Receivable > Inventory > V V V Estimated Inventory Returns Estimated Inventory Returns > Supplies Common Shares > > Accounts Payable > > > Refund Liability . Sales 0.96 > Sales > w > V Freight Out Retained Earnings V v eTextbook and Media List of Accounts