Problem 5-02A - (Part Level Submission) (Video) Concord Corporation completed the following merchandising transactions in the month of May. At the beginning of May, the edge of Concord showed Cash of $5,500 and Common Stock of $5,500 May 1 Purchased merchandise on account from Gray's Wholesale Supply 54,500, terms 2/10, 1/30 2 Sold merchandise on account $1,800, terms 1/10, 1/30. The cost of the merchandise sold was $1,500 5 Received credit from Grays Wholesale Supply for merchandise returned $300 9 Received collections in full, les discounts, from customers billed on sales of $1,800 on May 2 10 Paid Gray's Wholesale Supoly in less discount 11 Purchased supplies for cash $400 12 Purchand merchandise for cash $1,500 15 Received refund for poor quality merchandise from supplier on cash purchase $150 17 Purchased merchandise from Armand Distributors $1,400, FOB shopping point, terms 2/10, 130 19 Paid freight on May 17 purchase 5200 24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,200 25 Purchased merchandises account from Horvath, Inc. $700, FOB destination, terms 2/10,30 27 Paid Amand Distributors in full, les discount 2 Hade refunds to cash customers for defective merchandise 80. The returned merchandise had a fair value of $40 31 Sold merchandise on account $1.500 terms 30. The cost of the merchandise sold was Concord Corporation chart of accounts includes the following No. 101 C, No 112 Accounts Receivable, No. 120 Invertory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cout of Good Gold 1 Journalise the transactions using a perpetual inventory system (Credit accounties are automatically indented when amount is entered. Do not indent manually. It ne entry is required, select "No Entry for the account tities and enter for the amounts Record journal entries in the order presented in the problem)