Record the May transactions

May 4 7 First Choice Ltd.completed the following merchandising transactions in the month of May 2021. At the beginning of May, First Choice's ledger showed Cash $6,600; Accounts Receivable $1,700; Inventory $3,300; Common Shares $7.400; and Retained Earnings $4,200. First Choice has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,140, terms 1/10,n/30,FOB shipping point 3 Freight charges of $131 were paid by the appropriate party on the merchandise purchased on May 1 Sold merchandise on account to Ry Company for $3,300, terms n/30, FOB destination. The cost of the merchandise was $2,200. Freight charges of $82 were paid by the appropriate party on the May 4 sale. 8 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $370 cash. Received payment in fullfrom Ry Company for merchandise sold on account on May 4. Collected $900 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Purchased merchandise from Harlow Distributors Inc for $2.100, terms n/30, FOB destination. Freight of $45 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $6,200 cash. The cost of the merchandise was $3,600. Paid a $90 cash refund to customers for returned merchandise. The cost of the returned merchandise was $53. It was restored to inventory. A physical inventory count was taken and determined that there was $4.580 of inventory on hand. Prepare any adjustment required. 9 11 14 15 18 21 29 31