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 2 5 Purchased merchandise on account from Braun's Wholesale Supply $4,100, terms 2/10, n/30. Sold merchandise on account $1,500, terms 1/10, n/30. The cost of the merchandise sold was $1,400. Received credit from Braun's Wholesale Supply for merchandise returned $250. Received collections in full, less discounts, from customers billed on sales of $1,500 on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $300. Purchased merchandise for cash $1,500. 9 10 11 12 15 17 Received refund for poor quality merchandise from supplier on cash purchase $150. Purchased merchandise from Valley Distributors $1,400, FOB shipping point, terms 2/10, n/30 19 Paid freight on May 17 purchase $140. Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,000. 24 25 Purchased merchandise on account from Lumley, Inc. $550, FOB destination, terms 2/10, n/30. 41 . 27 29 Paid Valley Distributors in full, less discount. Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair value of $20. Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500. 31 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 using a perpetual inventory system. (Credit account titles are automati entries in the order presented in the problem.) Date Debit Credit Account Titles and Explanation Inventory May 1 v 4,100 Accounts Payable 4,100 May 2 Accounts Receivable 1,500 1,500 Sales Revenue (To record credit sale) Cost of Goods Sold May 1,400 1,400 Inventory (To record cost of merchandise sold) ent (10 ICOU CSC VI TICICIOUIS DOU) May 5 v Accounts Payable 250 Inventory 250 May 9 Cash 1,479 Sales Discounts 21 Accounts Receivable 1,500 May 10 Cash Sales Discounts Accounts Receivable May 11 ac 300 May 11 ac 300 Cash 300 May 12 v Inventory 1,500 Cash 1,500 May 15 Cash 150 Inventory 150 May 17 Inventory 1,400 Accounts Payable 1,400 May 19 Inventory 140 Cash 140 May 19 Inventory 140 Cash 140 May 24v Cash 3,300 3,300 Sales Revenue (To record cash sale) May 24 Cost of Goods Sold 2,000 2,000 Inventory (To record cost of merchandise sold) May 25 Inventory 550 Accounts Payable 550 May 27 Accounts Payable Inventory Cash May 29 Sales Returns and Allowances 80 Cash 80 (To record merchandise returned) May 29 Inventory 20 20 Cost of Goods Sold (To record cost of merchandise returned) Accounts Receivable May 31 1,500 Sales Revenue 1,500 (To record credit sale) May 31 Cost of Goods Sold 500 Inventory 500 Enter the beginning cash and capital balances and post the transactions. (Post ent Cash No. 101 Balance Date Explanation Ref. Debit Credit May 1 Balance May 9 J1 May 10 J1 May 11 J1 May 12 J1 May 15 J1 May 19 J1 May 24 J1 May 27 J1 May 29 v Jl. Accounts Receivable No 112 May 29 Accounts Receivable No. 112 Balance Date Explanation Ref. Debit Credit May 2v J1 May 9 y J1 I May 31 v J1 No. 120 Inventory Date Explanation Ref. Debit Credit Balance May 1 J1 May 2 J1 May 5 31 May 10 31 May 12 31 May 15 31 May 17 31 May 19 J1 No. 126 Supplies Date Explanation Ref. Debit Credit Balance May 11 J1 Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit May 1 v Ji May 5 J1 May 10 J1 May 17 J1 May 25 J1 May 27 31 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit May 1 Balance No. 401 Sales Revenue Elastan RE Dahit Credit alance May 27 v J1 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit May 1 v Balance No. 401 Sales Revenue Date Explanation Ref. Debit Credit Balance May 2v J1 May 24 J1 May 31 J1 Sales Returns and Allowances Date Explanation No. 412 Ref. Debit Credit Balance May 29 J1 Sales Discounts Date Explanation No. 414 Ref. Debit Credit Balance May 9 J1 Cost of Goods Sold Date Explanation Ref. Debit No. 505 Balance Credit May 2 31 Prepare an income statement through gross profit for the month of May 2020. (Enter negati (45).) ORIOLE HARDWARE STORE Income Statement (Partial) For the Month Ended May 31, 2020 v Sales Revenue Less Sales Returns and Allowances $ Sales Discounts Net Sales Cost of Goods Sold Gross Profit Click if you would like to Show Work for thienandinn