Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Piper Specialty Store's ledger showed Cash $7,500; Accounts Receivable $1,300 Inventory $3,600; Common Shares $8,600; and Retained Earnings $3,800. Piper Specialty Store uses a perpetual inventory system. May 1 3 4 7 8 9 11 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB shipping point. Freight charges of $130 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,600, terms 2/10, n/30, FOB destination. The cost of the merchandise was $2,000. Freight charges of $100 were paid by the appropriate party on the May 4 sale. Received a $200 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $300 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $900 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30, with no sales discounts. Purchased merchandise from Harlow Distributors Inc. for $2,100, terms n/30, FOB destination. Freight of $50 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $6,900 cash. The cost of the merchandise was $4,300. Paid a $100 cash refund to customers for returned merchandise. The cost of the returned merchandise was $60. It was restored to inventory. A physical inventory count was taken and determined that there was $4,300 of inventory on hand. Prepare any adjustment required. 14 15 18 21 22 29 31 Your answer is partially correct. Try again. Set up T accounts, enter the opening balances, and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash TMay 1 Bal. T7500TMay 3 May 14 May 7 X May 15 TMay 9 X May 22 May 11] UTMay 29 TMay 31 Bal.) Accounts Receivable TMay 1 Bal MMay 14 TMay 4 May 15 TMay 31 Bal. Inventory May 1 Bal. May 4 May 1 May 8 X TMay 3 IMMay 9) X May 18 May 22) May 29 May 31 May 29) May 31 May 31 Bal. Supplies TMay 11 May 31 Bal. Common Shares Ljay 1 Bal. May 31 Bal. Accounts Payable May 8 May 1 May 9 May 18 DO DOD DNI Limay 31 Bal. Sales May 4 May 22 May 31 Bal. Sales Returns and Allowances May 29 May 31 Bal. Sales Discounts TMay 14 8 Freight Out May 7 50 TMay 31 Bal. Cost of Goods Sold May 4 May 29) May 22 3 May 31 May 31 Bal. Retained Earnings U May 1 Bal. May 31 Bal