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First Choice Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, First Choice's ledger showed Cash \$5,600; Accounts Receivable \$1,200; Inventory \$2,800; Common Shares \$6,400; and Retained Earnings $3,200. First Choice has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $4,640, terms 1/10, n/30, FOB shipping point. 3 Freight charges of $116 were paid by the appropriate party on the merchandise purchased on May 1. 4 Sold merchandise on account to Ry Company for $2,800, terms n/30. FOB destination. The cost of the merchandise was $1,700. 7 Freight charges of $72 were paid by the appropriate party on the May 4 sale. 8 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. 9 Paid Depot Wholesale Supply in full. 11 Purchased supplies for $320 cash. 14 Received payment in full from Ry Company for merchandise sold on account on May 4. 15 Collected $800 of the accounts receivable outstanding at the beginning of the month All accounts were originally sold on terms of /30. 18 Purchased merchandise fcom Harlow Distributors Inc for $1,600, terms n/30, FOB destination. 21 Freight of $40 was paid by the appropriate party on the May 18 purchase of merchandise 18 Purchased merchandise from Harlow Distributors Inc. for $1,600, terms n/30, FOB destination. 21 Freight of $40 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $5,200 cash. The cost of the merchandise was $3,100. 29 Paid a $80 cash refund to customers for returned merchandise. The cost of the returned merchandise was $48. It was restored to inventory. 31 A physical inventory count was taken and determined that there was $4.080 of inventory on hand. Prepare any adjustment required. Your answer is partially correct. Record the May transactions. (List all debit entries before credit entries. Credit account titles are outomatically 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.) ment * 3 - Chapter 5 Question 4 of 5 Cash (Return of merchandise) Inventory Estimated Inventory Returns (Return of merchandise, assuming goods are resaleable and returned to inventory) Cost of Goods Sold Inventory eTextbook and Media Assistance Used eTextbook 1 eTextbook 2 eTextbook 3