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7 At the beginning of the current soccer scason, on May 1, 2021. Fullback Sports has 101 soccer balls in inventory at $10 each. The compary uses a perpetual inventory system and the contract based approach for revenue recognition.Bar.ed on past experience. Fullback's management estimates returns at 20% of sales and has a stated return policy of 15 days from the date of sale. The following sales transactions occurred in May. Mays Sold 10 soccer balls to Wolverine Soccer Club for $20 each, 1/30 Wolverine Soccer Club returned 2 of the balls after determining it had purchased more balls than it needed. Fullback Bove Wolverine a credit on its account and returned the balls to inventory. Sold 30 balls at S20 each to cash customers 6 of the balls purchased for cash on May 10 were returned for cash because they were damaged. The balls were scrapped Sold 21 balls to Spectre Community Club for 520 each. 1/30. Collected cash from Wotverine Soccer Club for the amount owing 10 12 17 31 Create accounts for Sales, Cost of Goods Sold Merchandise Inventory. Estimated Inventory Returns, and Refund Liability. Post the opening balance for Merchandise Inventory and May's transactions and calculate the May 31 balances. (Post entries the order of joumal entries presented in the previous part.) Record the transactions for the month of May for Fullback Sports. (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. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit