May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Black Wholesale Supply for $7.950, terms 1/10, 1/30. Sold merchandise on account for $4,600, terms 2/10,n/30. The cost of the merchandise sold was $3,450. Received credit from Black Wholesale Supply for merchandise returned $550. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $990. Purchased merchandise for cash $3,410. Received $253 refund for return of poor quality merchandise from supplier on cash purchase, Purchased merchandise from Wilhelm Distributors for $2,850, terms 2/10. n/30. Paid freight on May 17 purchase $275. Sold merchandise for cash $6.050. The cost of the merchandise sold was $4.510. Purchased merchandise from Clasps Inc. for $880. terms 3/10.n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise had cost $93. Sold merchandise on account for $1.408.terms n/30. The cost of the merchandise sold was $913 19 24 25 27 31 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.) Date Account Titles and Explanation Credit May 1 Inventory Accounts Payable Debit May 2 Accounts Receivable Sales Revenue (To record credit sale) Cast of Goods Sold Inventory (To record cost of merchandise sold) Accounts Payable Mays Inventory ny Cash Sales Discounts Accounts Receivable May 10 Accounts Paya story May 19 Inventory Cash May 24 7 Cash Sales Revenue (To record sales) I Cost of Goods Sold Inventory (To record cost of merchandise sold) Inventory May 25 Accounts Payable May 27 Accounts Payable Inventory May 29 Sales Returns and Allowances (To record payment for returned merchandise) Inventory Sales Revenue (To record cost of goods retumed) May 31 Accounts Receivable Sales Revenue Accounts Payable May 27 Accounts Payable Inventory Cash May 29 Sales Returns and Allowano Cash (To record payment for returned merchandise) Inventory Sales Revenge (To record cost of goods returned) Accounts Receivable May 31 Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of goods sold on account)