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Piper Specialty Store Ltd, completed the following merchandising transations in the month of May 2021 . At the beginning of May. Piper's ledger showed Cash $5,800 : Accounts Receivable $1,300; Iiventory $2,900; Common Shares $6,600; and Rentained Earning $3,400. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 Purchased merchandise on account froen Denot Wholesale Supply t.td. for $4,740, terms 1/10, n/30, FOB shippir: point. 3. Freight charges of $119 were paid by the appropriate party on the merchandise purchased on May 1. 4. Sold merchandise on account to Vip Companfer 32.900, terms n/30, FOB destination. The cost of the merchandise was $1,800 7. Freilht charges of $74 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 $330 cash. 14 Received poyment in full from Yip Compary for merchandise sold on account on May 4 . 11 Purchased supplies for $330 cash. 14 Received payment in full from Yip Company for merchandise sold on account on May 4. 15 Collected $820 of the accounts receivable outstanding at the beginning of the month, All accounts were originally sold on terms of n/30. 18 Purchased merchandise from Harlow Distributors inc for $1,700, terms N/30, FOB destination. 21 Freight of $41 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $5,400 cash. The cost of the merchandise was $3,200. 29 Paid a $82 cash refund to customers for returned merchandise The cost of the returned merchandise was $49. It was restored to inventory. 31 A physical inventory count was taken and determined that there was $4,180 of inventory on hand. Prepare any adjustment required, (Sule of goods on account) Cost of Coods Sold Estimated Inventory Returns Inventory (Cost of goods sold recorded) Question 3 of 7 7.91/20 Accounts Payable Cash Imentory Accounts Receivabie Question 3 of 7 Sales Refund Lability (Sale of goods) Cost of Coods Sold Estimated Imventory Returns Imentory (Cost of goods sold recorded) USAssighnent 4 - Chapter 5 (Return of merchandise, assuming goods are resaleable and returned to inventory) eTextbook and Media List of Accounts Attempts: 2 of 3 used Subenit Anwer