only with the red boxes please.
Show Attempt History Current Attempt in Progress 1 7 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 $10,000, Accounts Receivable $3,400, Inventory $5,000; Common Shares $10,800; and Retained Earnings $7,600. First Choice has experienced a return rate of 2% of sales and uses a perpetual inventory system. May Purchased merchandise on account from Depot Wholesale Supply Ltd. for $6,840, terms 1/10, 1/30, FOB shipping point 3 Freight charges of $182 were paid by the appropriate party on the merchandise purchased on May 1 4 Sold merchandise on account to Ry Company for $5,000. terms 1/30, FOB destination. The cost of the merchandise was $3,900 Freight charges of $116 were paid by the appropriate party on the May 4 sale. 8 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. 9 Paid Depot Wholesale Supply in full. 11 Purchased supplies for $540 cash, Received payment in full from Ry Company for merchandise sold on account on May 4. 15 Collected $1.240 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 3 800 terms /30. FOB destination 20 Freight of $62 was paid by the appropriate party on the May 18 purchase of merchandise 22 Sold merchandise to various customers for $9.600 cash The cost of the merchandise was 55.300 29 Pald 5124 cash refund to customers for returned merchandise. The cost of the returned merchandise was $70 It was restored to inventory A physical inventory count was taken and determined that there was $6.280 of inventory on hand Prepare any adjustment required 14 31 nestion 3 of 6 3.99 / 20 Inventory 182 Cash 182 y4 Accounts Receivable 5000 Sales 5000 Refund Liability 5000 (Sale of goods on account) Cost of Goods Sold 3900 1 entory 3900 Estimated ventory Returns 3900 (Cost of goods sold recorded) Freight Out 116 QASH 116 AP 142 Ateli Pi! y 15 v 1240 Accounts Receivable 1240 y 18 Inventory 3800 Accounts Payable 3800 21 No Entry y22 Cash 9600 Sales 9600 (Sale of goods) y22 Cost of Goods Sold 5300 Inventor 5300 (Cost of goods sold recorded) Allowances 29 124 G 124 Return of merchandise 22 10 Question 3 of 6 3.99 / 20 (Cost of goods sold recorded) 29 Sales Returns and Allowances 124 Cash (Return of merchandise) 124 29 Inventory 70 Cost of Goods Sold 70 (Return of merchandise, assuming goods are resaleable and returned to inventory y 31 Cost of Good Solo Invento e Textbook and Meda List of Accounts Attempts of used Sut 5WWIDE
