Pina Colada Hardware Store Inc completed the following merchandising transactions in the month of May 2018 At the beginning of May, Pina Coladas ledger showed Cash of $8,800 and Common Shares of $8,800 May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,800, terms 2 10, n 30 2 Sold merchandise on account for $4,400, terms 3 10, n 30 The cost of the merchandise sold was $3,030 5 Received credit from Hilton Wholesale Supply for merchandise returned $300 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Hilton Wholesale Supply in full, less discount 11 Purchased supplies for cash $810 12 Purchased merchandise for cash $2,430 15 Received $260 refund for return of poor quality merchandise from supplier on cash purchase 17 Purchased merchandise from Northern Distributors for $2,300, terms 2 10, n 30 19 Paid freight on May 17 purchase $270 24 Sold merchandise for cash $5,570 The cost of the merchandise sold was $4,260 25 Purchased merchandise from Toolware Inc for $780, terms 3 10, n 30 27 Paid Northern Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $140 The returned merchandise was returned to inventory and had cost $90 31 Sold merchandise on account for $1,390, terms n 30 The cost of the merchandise sold was $920 Pina Colada Hardware uses a perpetual inventory system b) Post the transactions to T accounts (Post entries in the order of journal entries presented in the question ) Cash 5 1 Bal 8800 8412 5 9 4312 5 10 5 11 5 11 810 5 15 260 5 19 5 27 Accounts Receivable 579 A 5 2 4400 4400 5 24 5,570 5 29 140 Inventory A 8800 5 2 3030 5 1 5 12 2430 5 5 300 5 17 2300 5 10 5 19 270 5 15 260 5 25 780 5 24 A 4260 5 29 90 5 27 46 5 31 920 5 31 Bal Supplies 5 12 810 5 31 Bal 810 Accounts Payable 5 5 300 5 1 8800 5 11 8500 5 17 2300 5 27 2300 5 25 780 5 31 Bal Common Shares 5 1 Bal 8,800 5 31 Bal Sales 5 2 4400 5 24 A 5570 5 31 1390 5 31 Bal Sales Returns and Allowances 5 29 140 5 31 Bal A 140 Sales Discounts 5 9 A 88 5 31 Bal $ 88 Cost of Goods Sold 5 2 3040 5 29 90 5 24 4260 5 31 920 5 31 Bal

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Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Pina Coladas ledger showed

Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Pina Coladas ledger showed Cash of $8,800 and Common Shares of $8,800.

May 1		Purchased merchandise on account from Hilton Wholesale Supply for $8,800, terms 2/10, n/30.
2		Sold merchandise on account for $4,400, terms 3/10, n/30. The cost of the merchandise sold was $3,030.
5		Received credit from Hilton Wholesale Supply for merchandise returned $300.
9		Received collections in full, less discounts, from customers billed on May 2.
10		Paid Hilton Wholesale Supply in full, less discount.
11		Purchased supplies for cash $810.
12		Purchased merchandise for cash $2,430.
15		Received $260 refund for return of poor-quality merchandise from supplier on cash purchase.
17		Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30.
19		Paid freight on May 17 purchase $270.
24		Sold merchandise for cash $5,570. The cost of the merchandise sold was $4,260.
25		Purchased merchandise from Toolware Inc. for $780, terms 3/10, n/30.
27		Paid Northern Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $90.
31		Sold merchandise on account for $1,390, terms n/30. The cost of the merchandise sold was $920.

Pina Colada Hardware uses a perpetual inventory system.

b) Post the transactions to T accounts. (Post entries in the order of journal entries presented in the question.)

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Cash 5/1 Bal. - 8800 8412? 5/9 4312 5/10 5/11 5/11 - 810 5/15 260 5/19 5/27 Accounts Receivable 579 A 5/2 4400 4400 5/24 5,570 5/29 140 Inventory A 8800 5/2 - 3030 5/1 5/12 - 2430 5/5 300 5/17 - 2300 5/10 5/19 270 5/15 260 5/25 780 5/24 A 4260 5/29 90 5/27 - 46 5/31 920 5/31 Bal. Supplies 5/12 810 5/31 Bal. 810 Accounts Payable 5/5 300 5/1 8800 5/11 8500 5/17 2300 5/27 2300 5/25 780 5/31 Bal. Common Shares 5/1 Bal. = 8,800 5/31 Bal. Sales 5/2 - 4400 5/24 A 5570 5/31 1390 5/31 Bal. Sales Returns and Allowances 5/29 140 5/31 Bal. A 140 Sales Discounts 5/9 A 88? 5/31 Bal. $ 88? Cost of Goods Sold 5/2 3040 5/29 90 5/24 4260 5/31 920 5/31 Bal