Ivanhoe Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Ivanhoes ledger showed Cash of $8,500 and Common Stock of $8,500.

May 1		Purchased merchandise on account from Black Wholesale Supply for $8,500, terms 1/10, n/30.
2		Sold merchandise on account for $4,900, terms 2/10, n/30. The cost of the merchandise sold was $3,800.
5		Received credit from Black Wholesale Supply for merchandise returned $200.
9		Received collections in full, less discounts, from customers billed on May 2.
10		Paid Black Wholesale Supply in full, less discount.
11		Purchased supplies for cash $900.
12		Purchased merchandise for cash $3,500.
15		Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.
17		Purchased merchandise from Wilhelm Distributors for $2,900, terms 2/10, n/30.
19		Paid freight on May 17 purchase $250.
24		Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.
25		Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.
27		Paid Wilhelm Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $98. The returned merchandise had cost $86.
31		Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $811.

Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date May 1 Account Titles and Explanation Inventory 8500 Accounts Payable May 2 Accounts Receivable 4900 Sales Revenue (To record credit sale) Cost of Goods Sold 3800 Inventory (To record cost of merchandise sold) Accounts Payable May 5 200 Inventory May 9 Cash 4802 Sales Discounts 98 Accounts Receivable May 10 Accounts Payable 8300 Cash Purchase Discounts May 11 Supplies 900 Cash May 12 Inventory 3500 Cash May 15 Cash 230 Inventory May 17 Inventory 2900 Accounts Payable May 19 Freight-Out 250 Cash May 24 V Cash 5500 Sales Revenue (To record sales) (To record cost of merchandise sold) May 25 V Inventory 800 Accounts Payable May 27 Accounts Payable 2900 Cash Purchase Discounts May 29 V Purchase Returns and Allowances 98 Cash (To record payment for returned merchandise) Inventory 86 May 31 1280 Cost of Goods Sold (To record cost of goods returned) Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold 811 Inventory (To record cost of goods sold on account) Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. (Post entries in the order of journal entries posted in part (a). Round answers to decimal places, e.g. 5,275.) Cash 5/1 Bal. 8500 5/24 5500 5/9 4082 5/27 2842 5/10 > 8217 5/29 98 5/11 0 900 5/1 900 Accounts Payable 5/1 Bal. 200 5/27 2900 5/10