NET PRINTER VERSION BACK Problem 5-2A (Part Level Submission) Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May the leader of Renner showed Cash of 15,290 and Owner Capta of $5,290. May 1 Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2/10, 1/30. 2 Sold merchandise on account $2,500, terms 1/10, 1/30. The cost of the merchandise sold was $1,390 5 Received credit from Braun's Wholesale Supply for merchandise returned $400. 9 Received collections in full, less discounts, from customers billed on sales of $2,500 on May 2 10 Paid Braun's Wholesale Supply in full, less discount 11 Purchased supplies for cash $370. 12 Purchased merchandise for cash $1,400 15 Received refund for poor quality merchandise from supplier on cash purchase 5130 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, 1/30 19 Paid freight on May 17 purchase $170. 24 Sold marchandise for cash $3,180. The merchandise sold had a cost of $1,940. 25 Purchased merchandise from Lumley, Inc. $750, FOB destination, terms 2/10, 1/30 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair value of 540 31 Solid merchandise on account $1,440, terms /30. The cost of the merchandise sold was 5510. Renner Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No 120 Drventory, No 126 Supplies 201 Accounts avati, N. 301 Owners Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts and No. 50s Cost of Goods Solid v (a) PRINTER VERSION CH Your answer is partially correct. Try again Journalize the transactions using a perpetual inventory system (Credit account titles are automatically indented when amount is entered. Do not indent manal. Recor Journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May i Inventory 3900 Accounts Payable 3000 May 2 Accounts Receivable 2500 Sales Revenue (To record credit sale) 2500 May 5 Accounts Payable 400 Inventory 400 (To record cost of merchandise sold) May 9 Cash 2475 May 9 Cash 2475 X x Accounts Receivable 2500 May 9 Sales Discounts 25 X > 3500 May 10 Accounts Payable 70 Inventory 3430 Cash 370 May 11 Supplies 370 Cash 1400 May 12 Inventory 1400 Cash 130 May 15 Cash A Division of John Wiley & Sons Inc ECES t May 15 Cash > 130 Inventory > 130 May 17 Inventory 1200 tudy. Accounts Payable 1200 > May 19 Inventory HUDUI 170 Cash 170 May 27 Accounts Payable Cash Inventory ONCOD dd ddddddd X May 29 X (To record merchandise returned) X Accounts Receivable May 31 1440 X Sales Revenue 1440 (To record cost of merchandise returned) 510 May 31 Cost of Goods Sold XE (To record cost of merchandise returned) X Cost of Goods Sold May 31 510 Inventory x 510 (To record credit sale) X ON (To record cost of merchandise sold) Click if you would like to Show Work for this question: Modify Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT (b) The parts of this question must be completed in order. This part will be available when you complete the part ab like to Show Work for this question: Modify Show Work LINK TO TEXT LINK TO TEXT LINK TO TEXT VIE Att (b) The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above