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 $8,400; Accounts Receivable $2,600; Inventory $4,200; Common Shares $9,200; and Retained Earnings $6,000. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4 7 8 9 11 14 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $6,040, terms 1/10, n/30, FOB shipping point. Freight charges of $158 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $4,200, terms n/30, FOB destination. The cost of the merchandise was $3,100. Freight charges of $100 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 $460 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1,080 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 $3,000, terms n/30, FOB destination. Freight of $54 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $8,000 cash. The cost of the merchandise was $4,500. Paid a $108 cash refund to customers for returned merchandise. The cost of the returned merchandise was $62. It was restored to inventory. A physical inventory count was taken and determined that there was $5,480 of inventory on hand. Prepare any adjustment required. 15 18 21 22 29 31 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit May 1 Inventory 6040 Accounts Payable 6040 May 3 Inventory 158 Cash 158 May 4 Accounts Receivable 4200 Sales 4116 Refund Liability 84 (Sale of goods on account) May 4 Cost of Goods Sold 3100 Estimated Inventory Returns Inventory (Cost of goods sold recorded) May 7 No Entry 0 No Entry 0 May 8 Accounts Payable Inventory May 9 Cash Inventory Accounts Payable May 11 Cash Accounts Receivable May 14 May 15 May 18 May 21 May 22 Cash Sales (Sale of goods) May 22 (Cost of goods sold recorded) May 29 Estimated Inventory Returns Cash (Return of merchandise) May 29 Estimated Inventory Returns Cash (Return of merchandise) May 29 Inventory Cost of Goods Sold (Return of merchandise, assuming goods are resaleable and returned to inventory) May 31 Cost of Goods Sold Inventory