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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 $7,800; Accounts Receivable $2,300; Inventory $3,900; Common Shares $8,600; and Retained Earnings $5,400. Piper Specialty 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 $5,740, terms 1/10, n/30, FOB shipping point. 3 Freight charges of $149 were paid by the appropriate party on the merchandise purchased on May 1. 4 Sold merchandise on account to Yip Company for $3,900, terms n/30, FOB destination. The cost of the merchandise was $2,800. 7 Freight charges of $94 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 $430 cash. 14 Received payment in full from Yip Company for merchandise sold on account on May 4. 15 Collected $1,020 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 $2,700, terms n/30, FOB destination. 21 Freight of $51 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $7,400 cash. The cost of the merchandise was $4,200. 29 Paid a $102 cash refund to customers for returned merchandise. The cost of the returned merchandise was $59. It was restored to inventory. 31 A physical inventory count was taken and determined that there was $5,180 of inventory on hand. Prepare any adjustment required. Set up T accounts, enter the opening balances, and post the transactions. (Post entries in the order of foumal entris pr pre