please help solve for may 31 in question 1 , as well as t accounts statement, partial income statement and statement of financial position
First Choice Ltd. completed the following merchandising transactions in the month of May 2018. At the beginning of May, First Choice's ledger showed Cash $7,500; Accounts Receivable $1,300; Inventory $3,600; Common Shares $8,600; and Retained Earnings $3,800. First Choice uses a perpetual inventory system. May 1 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB shipping point. 3 Freight charges of $130 were paid by the appropriate party on the merchandise purchased on May 1. 4 Sold merchandise on account to Ry Company for $3,600, terms 2/10, n/30, FOB destination. The cost of the merchandise was $2,000. 7 Freight charges of $100 were paid by the appropriate party on the May 4 sale. 8 Received a $200 credit from Depot Wholesale Supply when merchandise was returned. 9 Paid Depot Wholesale Supply in full. 11 Purchased supplies for $300 cash. 14 Received payment in full from Ry Company for merchandise sold on account on May 4. 15 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. 18 Purchased merchandise from Harlow Distributors Inc. for $2,100, terms n/30, FOB destination. 21 Freight of $50 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $6,900 cash. The cost of the merchandise was $4,300. 29 Paid a $100 cash refund to customers for returned merchandise. The cost of the returned merchandise was $60. It was restored to inventory. 31 A physical inventory count was taken and determined that there was $4,300 of inventory on hand. Prepare any adjustment required. Your answer is partially correct. Try again. Record the May transactions. (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. Round answers to the nearest whole dollar, e.g. 5,275.) Date Account Titles and Explanation Debit Credit May 1 Inventory 5200 Accounts Payable 5200 3 Inventory 130 2 | Cash 1 130 4 Accounts Receivable T 3600 Sales T 3600 (Sale of goods on account) - 4 Cost of Goods Sold 2000 2000 Inventory (Cost of goods sold recorded) 7 Freight Out Cash 8 Accounts Payable 200 | Inventory 200 9 Accounts Payable 5000 Cash 4950 Inventory 50 11 Supplies 300 Cash 300 14 Cash 3528 Sales Discounts Accounts Receivable 3600 15 Cash 900 Accounts Receivable 900 2 18 Inventory 2100 18 Inventory 2100 Accounts Payable 2100 IMM 21 No Entry No Entry 22 Cash 169 6900 | Sales 6900 (Sale of goods) 22 Cost of Goods Sold 4300 Inventory (Cost of goods sold recorded) 29 Sales Returns and Allowances | Cash (Return of merchandise) 29 Inventory 29 Inventory 60 Cost of Goods Sold (Return of merchandise, assuming goods are resaleable and returned to inventory) 31 Cost of Goods Sold Inventory SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT x Your answer is incorrect. 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 KPX Xid =x Inventory Accounts Receivable Cash 1 001 00011 DDDDD DOOD Supplies LILL Common Shares Accounts Payable || Sales CD TO COD DDDDDD Sales Returns and Allowances Sales Discounts |- exic Sales Discounts Freight Out Cost of Goods Sold ID 100000 . Retained Earnings Prepare a partial multiple-step income statement for the month ended May 31, through to gross profit. First Choice Ltd. Income Statement (Partial) x x = Prepare the current assets section of the statement of financial position as at May 31. (List Current assets in order of liquidity.) First Choice Ltd. Statement of Financial Position (Partial) May 31, 2018 x Assets
