Question 1 Renner Hardware Store completed the followin merchandising transactions in the month of May. At th Cash of $5,190 and owner's Capital of $5,190. beginning of May, the ledger of Renner sh May purchased merchandise on account from Braun's Wholesale Supply $4.100, terms 2/10, 30 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,380 5 Received credit from Braun's Wholesale Supply for merchandise retumed $400. 9 Received collections in full, less discounts, from oustomers billed on sales of $2,100 on May 2. 10 paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,300. 15 Received refund for poor quality merchandise from suppl on cash purchase $160 ier 17 Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, 30 19 Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,860. The merchandise sold had a cost of $2,070. 25 Purchased merchandise from Lumley, Inc. $610, FOB destination, terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair 29 value of $40. 31 Sold merchandise on account $1,460, terms n/30. The cost of the merchandise sold was $580. Renner Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Question 1 Journal the transactions using a perpetual inventory system. (credit account titles are autonatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the probl Account Titles and Debit Explanation To record credit sale) (To record cost of merchandise sold) May 9 httpsiedugen.wlleyplus.com/edugensharediasslgnmentmestiqprintunl