Ragstone Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Ragstone Store showed Cash of $300,000, Merchandise Inventory of $125,000 and Owners Capital of $425,000. Instructions: Journalize the transactions using a periodic inventory system for Ragstone Store. (Be careful, there may be more boxes than necessary. Keep the boxes (both text and numerical inputs) blank which you don't need.)

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May 2 Sold merchandise on account $20000 to Clime and Sons, FOB Shipping Point, terms 3/12, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. The cost of the merchandise sold was $11000.

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May 5 Purchased merchandise on account from Banta Enterprise Wholesale Supply $15000, FOB Shipping Point, terms 3/10, n/60. The appropriate party also made a cash payment of $80 for the freight on this date.

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May 6 Granted Clime and Sons $1400 credit for merchandise returned costing $1000.

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May 12 Received credit from Banta Enterprise for merchandise returned $1700.

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May 20 Received collections in full from Clime and Sons.

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