How do you do may 31st please explain in full answers Thank you!

Problem 5-5A First Choice Ltd. completed the following merchandising transactions in the month of May 2018. At the beginning of May, First Choice's ledger showed Cash $7,400; Accounts Receivable $1,700; Inventory $3,400; Common Shares $7,200; and Retained Earnings $5,300. First Choice uses a perpetual inventory system. May 1 3 4 7 8 9 11 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,500, terms 1/10, n/30, FOB shipping point. Freight charges of $140 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Ry Company for $3,400, terms 2/10, n/30, FOB destination. The cost of the merchandise was $2,000. Freight charges of $90 were paid by the appropriate party on the May 4 sale. Received a $200 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $300 cash. Received payment in full from Ry Company for merchandise sold on account on 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, with no sales discounts. Purchased merchandise from Harlow Distributors Inc. for $2,000, terms n/30, FOB destination. Freight of $60 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $6,000 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 $60. It was restored to inventory. A physical inventory count was taken and determined that there was $4,500 of inventory on hand. Prepare any adjustment required. 15 18 21 22 29 31 31 Cost of Goods Sold 31 (cost of Goods sold Inventory U O O U Inventory