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Journalize the transactions using a perpetual inventory system. (If no entry is required, select "No Entry" for the account tities and enter 0 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.) (To record cost of merchandise sold) (To record payment for returned merchandise) (To record cost of goods returned) (To record credit sale) (To record cost of goods sold on account) Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Cullumbers' ledger showed Cash of $7,200 and Common Stock of $7,200. May 1 Purchased mrchandise on account from Black Wholesale Supply for $7,200, terms 1/10, n/30. 2 Sold merchandise on account for $3,600, terms 2/10,n/30. The cost of the merchandise sold was $2,500. 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 $2,300. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $1,700, 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. 12 Purchased merchandise for cash $2,300. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $1,700, 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 Withelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $84. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $930. (a) Journalize the transactions using a perpetual imventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.)
