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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

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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 $9.000; Accounts Receivable $2,900; Inventory $4,500; Common Shares $9,800; and Retained Earnings $6,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May Purchased merchandise on account from Depot Wholesale Supply Ltd. for $6,340. terms 1/10, n/30, FOB shipping point. 3 4 Freight charges of $167 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $4,500, terms n/30, FOB destination. The cost of the merchandise was $3,400. 7 Freight charges of $106 were paid by the appropriate party on the May 4 sale. 8 9 11 14 15 18 21 2222 29 31 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $490 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1,140 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 $3,300, terms n/30, FOB destination. Freight of $57 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $8,600 cash. The cost of the merchandise was $4,800. Paid a $114 cash refund to customers for returned merchandise. The cost of the returned merchandise was $65. It was restored to inventory. A physical inventory count was taken and determined that there was $5,780 of inventory on hand. Prepare any adjustment required.

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