Oriole Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Oriole showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10,n/30. 2 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Braun's Wholesale Supply for merchandise returned $250. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,500. 15 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10,n/30,FOB shipping point. 19 Paid freight on May 17 purchase $140. 24 Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,000. 25 Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. 31 Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500. Oriole Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions usinz a parpetual inventory system. (List all debit entries before credit entries: Credit account titles are automatically indented when am Date Account Titles and Explanation (To record cresit sale) (To recurd cost of merchandise sold) Debit Credit . . . . . , . x2 x2 x2 x2 m m . . , , m m m m . . . . . . . . . . . . . . . . . . , . . . . . . (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise retumed) (To record cresit sale) (To record cresit sale) (To record cost of merchandise sold) Enter the bssinning cash and capital balances and post the tranatetiona. (Post entries in the order of journal entries presented in the previous part.) (c) $ ORIOLE HARDWARE STORE Income Statement (Partial) s 5