Pharoah Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Pharoah showed Cash of $7,900 and Common Stock of $8,400.

May 1		Purchased merchandise on account from Black Wholesale Supply for $8,400, terms 1/10, n/30.
2		Sold merchandise on account $4,800, terms 2/10, n/30. The cost of the merchandise sold was $3,300.
5		Received credit from Black Wholesale Supply for merchandise returned $100.
9		Received collections in full, less discounts, from customers billed on May 2.
10		Paid Black Wholesale Supply in full, less discount.
11		Purchased supplies for cash $900.
12		Purchased merchandise for cash $3,400.
15		Received $220 refund for return of poor quality merchandise from supplier on cash purchase.
17		Purchased merchandise on account from Wilhelm Distributors for $2,200, terms 2/10, n/30, FOB shipping point.
19		Paid freight on May 17 purchase $270.
24		Sold merchandise for cash $5,800. The merchandise sold had a cost of $3,600.
25		Purchased merchandise on account from Clasps, Inc. for $700, terms 3/10, n/30.
27		Paid Wilhelm Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $126. The returned merchandise cost $10.
31		Sold merchandise on account for $1,220 terms n/30. The cost of the merchandise sold was $820.

Pharoah Hardwares chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, 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 automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "0" for the amounts. Record journal entries in the order presented in the problem.)

Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.)

May 1 Inventory Accounts Payable May 2 Accounts Receivable Sales Revenue (To record credit sale) May 2 Cost of Goods Sold Inventory (To record cost of merchandise sold) May 5 Accounts Payable Inventory May 9 Cash Sales Discounts Accounts Receivable May 10 Accounts Payable Inventory Cash May 11 Supplies Cash May 12 Inventory Cash May 15 Cash Inventory May 17 Inventory Accounts Payable May 19 Inventory Cash May 24 Cost of Goods Sold Sales Revenue (To record cash sale) May 25 Inventory Accounts Payable (To record cost of merchandise sold) May 27 Accounts Payable Inventory May 29 May 29 (To record merchandise returned) (To record cost of merchandise returned)