Pina Colada Corp. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Pina Colada Corp. showed Cash of $4,500 and Common Stock of $4,500.

Problem 5-2A Pina Colada Corp. completed the following merchadising transactions in the month of May. At the beginning of May, the ledger of Pina Colada Corp. showed Cash of $4,500 and Common Stock of $4,500. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,000, terms 2/10, n/30. 2 Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600 5 Received credit from Gray's Wholesale Supply for merchandise returned $400. 9 Received collections in full, less discounts, from customers billed on sales of $2,300 on May 2 10 Paid Gray's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,400 15 Received refund for poor quality merchandise from supplier on cash purchase $200 17 Purchased merchandise from Amland Distributors $1,300, FOB shipping point, terms 2/10, n/30 19 Paid freight on May 17 purchase $150 24 Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200 25 Purchased merchandise on account from Horvath, Inc. 550, FOB destination, terms 2/ 10, n/30 27 Paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair value of $20 31 Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $500 Pina Colada Corp. '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. 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 "O" for the amounts. Record journal entries in the order presented in the problem.)