nt 4- Chapter 5 Question 3 of 6 View Policies Show Attempt History Current Attempt in Progress 3.73/20 Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $6,400; Accounts Receivable $1,600; Inventory $3,200; Common Shares $7,200; and Retained Earnings $4,000. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,040, terms 1/10, n/30, FOB shipping point. 3 4 7 884 9 11 14 15 Freight charges of $128 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,200. terms n/30, FOB destination. The cost of the merchandise was $2,100. Freight charges of $80 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 $360 cash. Received payment in full from Yip Company for merchandise sold on account on May 4 Collected $880 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. 18 Purchased merchandise from Harlow Distributors Inc. for $2,000. terms n/30, FOB destination. Co search 20 DELL de