Problem 5-02A - (Part Level Submission) (Video) Tamarisk, Inc. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Tamarisk showed Cash of 54,500 and Common Stock of $4,500. May 1 Purchased merchandise on account from Gray's Wholesale Supply $3,900, terms 2/10, 1/30 2 Sold merchandise on account $1,800, terms 1/10, 1/30. The cost of the merchandise sold was 51,300, 5 Received credit from Gays Wholesale Supply for merchandise returned $250. 9 Received collections in full less discounts from customers billed on sales of $1,800 on May 2 10 Paid Gray's Wholesale Supply in less discount 11 Purchased supplies for cash $300 12 Purchased merchandise for cash $1,400. 15 Received refund for poor quality merchandise from supplier on cash purchase $200. 17 Purchased merchandise from Amland Distributors $1,300,FOB shipping point, terma 2/10, 1/30 19 Pald freight on May 17 purchase $170. 24 Sold merchandise for cash 2,000. The merchandise sold had a cost of $2,100 25 Purchased merchandise on account from Horvath, Inc. 600, FOB destination, terms 2/10, 1/30 27 Paid Amland Distributors in full, les discount 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a far value of $20. 31 Sold merchandise on account $1,000, terms 30. The cost of the merchandise sold was 5600 No. 311 Common Stock, No. Tamarisk, Inc.'s chart of accounts includes the foo : No101 C N 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies No. 201 Accounts Paya 401 Sales Reven, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No SOS Cost of Goods Sold Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) No. 101 Balar Date Explanation Ref Debit Credit Balance No. 112 Accounts Receivable Date Explanation Ref. Debit Credit Balance No. 120 Inventory Date Explanation Ref. Debit Credit Inventory Date No. 120 Balance Explanation Ref. Deblt Credit Supplies Date No. 126 Balance Explanation Ref. Debit Credit Accounts Payable Date Explanation No. 201 Balance Ref. Debit Credit Accounts Payable Date Explanation Ref. Debit Credit Balance 1 Common Stock Date Explanation No. 311 Balance Ref. Debit Credit Balance Sales Revenue Date Explanation No. 401 Balance Ref. Debit Credit Sales Returns and Allowances Date Explanation Ref. 31 No. 412 Balance Debit Credit Sales Discounts Date Explanation No. 414 Balance Debit Credit Ref. 31 Cost of Goods Sold No. 505 Balance yolation of Debit Credit Date Explanation Ref. Debit Credit Balance Sales Discounts Date Explanation No. 414 Balance Debit Credit Ref. 1 . No. 505 Cost of Goods Sold Date Explanation Ref. Debit Credit Balance