Problem 5-02A - (Part Level Submission) (Video) Sheridan Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the edge of Sheridan showed Cash of 55,500 and Owner's Capital of 55, May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, 1/30 2 Sold merchandise on account $1,900, terms 1/10, 130. The cost of the merchandise sold was $1,600 5 Received credit from Braun's Wholesale Supply for merchandise returned $350. 9 Received collections in l, les discounts, from customers bilied on sales of $1,900 on May 2. 10 Paid Braun's Wholesale Supply in less discount 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,200 15 Received refund for poor quality merchandise from supplier on cash purchase $200. 17 Purchased merchandise from Valley Distributors $1,100, FOB shipping point terms 2/10, 1/30 19 Paid freight on May 17 purchase $100 24 Sold merchandise for cash 3.500. The merchandise sold had a cost of $2,000. 25 Purchased merchandise n t from Lumiey, Inc. $700, FOB destination terms 2/10, 130 27 Paid Valley Dist in les discount 29 Made refunds to cash customers for defective merchandises. The returned merchandise had a far value of 30 31 Sold merchandise on a 1.500 m . The cost of the merchandise sold was $500 201 A Payable 30 Owner's Sheridan Hardware that of account includes the following No. 101 Cash, No. 112 Accounts Receivable No. 120 Inventory No 126 Supps N Capital No401 Sales RevenueNo 612 Sales Reums and Allowances, No. 414 Sales Discounts and SOS Cost of Goods Sold 2 your answer to partially correct. Try again a nte. Don e card Journal ther Journal entre a peuventry wystem (Credit accountries are automatically indented when am presented the prom ) the