Inventory No. 120 Date J1 Credit J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 Supplies Accounts Payable Date Explanation Ref. Debit J1 J1 J1 J1 J1 J1 Owner's Capital Date Explanation Ref. Debit Balance No. 126 Balance No. 201 Balance Credit Balance Sales Revenue No. 401 Date Explanation Sales Returns and Allowances Debit J1 J1 J1 Credit Balance Sales Discounts \begin{tabular}{cc|} Explanation & Ref. Debit \\ & 1 \end{tabular} No. 412 Balance \begin{tabular}{ccccc} Date & Explanation & Ref. & Debit & Credit \\ & & J1 & & \\ \hline \end{tabular} No. 414 Date1ExplanationRef. Cost of Goods Sold Cost of Goods Sold Explanation Ref. J1 J1 J1 J1 No. 505 Credit Balance Debit Credit Balance Credit No. 505 May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,200, terms 2/10,n/30. 2 Sold merchandise on account $1,600, terms 1/10,n/30. The cost of the merchandise sold was $1,200. 5 Received credit from Braun's Wholesale Supply for merchandise returned $400. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,500. 15 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10,n/30, FOB shipping point. 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,900. The merchandise sold had a cost of $1,800. 25 Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $30. 31 Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500. Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold