P5.1A (LO 2, 3, 4, 6), AP Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and Common Stock of $8,000. Journalize, post, and prepare partial income statement, and calculate ratios. GLS May 12 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $900. Purchased merchandise for cash $3,100. Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,500, terms 2/10, n/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. Purchased merchandise on account from Clasps Inc. for $800, terms 3/10, n/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $124. The returned merchandise had cost $90. Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830. 12 15 SADRES 10 17 12 19 24 25 27 29 31