NEED HELP WITH THIS ASAP!!!

pter 5 Question 7 of 7 10.63/50 First Choice Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, First Choice's ledger showed Cash $6,200; Accounts Receivable $1,500; Inventory $3,100; Common Shares $7,000; and Retained Earnings $3,800. First Choice has experienced a return rate of 2% of sales and uses a perpetual inventory system 1 May 3 4 7 8 9 11 14 15 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $4,940, terms 1/10,n/30, FOB shipping point Freight charges of $125 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Ry Company for $3,100, terms 1/30, FOB destination. The cost of the merchandise was $2,000. Freight charges of $78 were paid by the appropriate party on the May 4 sale, Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $350 cash. Received payment in full from Ry Company for merchandise sold on account on May 4. Collected $860 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Purchased merchandise from Harlow Distributors Inc. for $1,900, terms n/30, FOB destination Freight of $43 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $5,800 cash. The cost of the merchandise was $3,400, Paid a $86 cash refund to customers for returned merchandise. The cost of the returned merchandise was $51. It was restored to inventory. A physical inventory count was taken and determined that there was $4,380 of inventory on hand. Prepare any adjustment required 18 21 22 29 31 Question 7 of 7 10.63/50 ili Your answer is partially correct Record the May transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May 1 Inventory 4940 Accounts Payable 4940 May 3 Inventory 125 Cash 125 May 4 Accounts Receivable 3100 Sales (Sale of goods on account) May 4 Cost of Goods Sold 2000 Inventory (Cost of goods sold recorded) 78 May 7 Freight Out UULIUUR - Chapter 5 Question 7 of 7 > 10.63/50 (Cost of goods sold recorded) May 7 v Freight Out 78 Cash 78 May 8 Accounts Payable 140 Inventory 140 4800 May 9 Accounts Payable Inventory Cash May 11 Supplies 350 Cash 350 May 14 Cash 3100 3100 Accounts Receivable May 15 Cash 860 Accounts Receivable 860 May 18 Inventory 1900 1900 Accounts Payable May 21 No Entry 10.63/50 Tii Question 7 of 7