Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $5,600; Accounts Receivable $1,200; Inventory $2,800; Common Shares $6,400; and Retained Earnings $3,200. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4. 7 00 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $4,640, terms 1/10, n/30, FOB shipping point Freight charges of $116 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $2,800, terms n/30, FOB destination. The cost of the merchandise was $1,700. Freight charges of $72 were paid by the appropriate party on the May 4 sale. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $320 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $800 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Purchased merchandise from Harlow Distributors Inc. for $1,600, terms n/30, FOB destination. Freight of $40 was paid by the appropriate party on the May 18 purchase of merchandise. 9 11 14 15 18 21 22 29 Sold merchandise to various customers for $5,200 cash. The cost of the merchandise was $3,100. Paid a $80 cash refund to customers for returned merchandise. The cost of the returned merchandise was $48. It was restored to inventory. A physical inventory count was taken and determined that there was $4,080 of inventory on hand. Prepare any adjustment required. 31 (a) Record the May transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Date Account Titles and Explanation Debit Credit (Sale of goods on account) (Cost of goods sold recorded) (Sale of goods) (Cost of goods sold recorded) (Return of merchandise) (Return of merchandise, assuming goods are resaleable and returned to inventory)