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Pina Colada Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Pina Colada's ledger showed Cash of $ 9.000 and Common Shares of $ 9,000 May 1 2 5 Purchased merchandise on account from Hilton Wholesale Supply for $9,000, terms 2/10, n/30 Sold merchandise on account for $4,800, terms /30. The cost of the merchandise sold was $3,900. Received credit from Hilton Wholesale Supply for merchandise returned $ 290, Received collections in full from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount 9 10 11 12 15 Purchased supplies for cash $ 960. Purchased merchandise for cash $ 2,850. Received $ 330 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2.650, terms 2/10, n/30. Paid freight on May 17 purchase $ 330. 17 19 24 Sold merchandise for cash $ 5,600. The cost of the merchandise sold was $4.500. 11 Purchased supplies for cash $ 960. 12 15 17 19 24 Purchased merchandise for cash $ 2,850. Received $ 330 refund for return of poor quality merchandise from supplier on cash purchase, Purchased merchandise from Northern Distributors for $ 2.650, terms 2/10, 1/30 Paid freight on May 17 purchase $ 330, Sold merchandise for cash $ 5,600. The cost of the merchandise sold was $4,500. Purchased merchandise from Toolware Inc. for $860, terms 3/10, 1/30, Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $ 126. The returned merchandise was returned to inventory and had cost $ 98 Sold merchandise on account for $ 1.200, terms /30. The cost of the merchandise sold was $ 960. 25 27 29 31 Pina Colada Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. (a) Your answer is partially correct. Record the above transactions. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to the nearest whole dollar, es. 5,775. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit i 1 Inventory 9000 Accounts Payable 9000 2 Accounts Receivable 4800 Sales 4800 Cost of Goods Sold 3900 (Sale of merchandise on account) fay 2 Cost of Goods Sold 3900 (Sale of merchandise on account) lay 2 Cost of Goods Sold 3900 Sales Returns and Allowances (Cost of goods sold recorded) is Accounts Payable Inventory I TO DOO DOLID Sales Discounts Accounts Receivable 10 Inventory Cash Purchase Discounts w 10 Inventory Cash Purchase Discounts vy 11 Supplies Cash 12 v Inventory Cash ly 15 Cash Inventory Y17 Inventory Accounts Payable ly 19 v Inventory i 19 Inventory Cash IN 24 Accounts Receivable Sales No Entry (Sale of merchandise) wy 24 v Cost of Goods Sold I IN IL DOO Inventory No Entry (Cost of goods sold recorded) 25 Inventory Accounts Payable vy 25 Inventory Accounts Payable 1 27 Inventory Cash No Entry 129 Sales Returns and Allowances Cash (Return of merchandise) 129 Inventory Cost of Goods Sold (Return of merchandise, assuming goods are resaleable and returned to inventory) IV 31 Accounts Receivable Cost of Goods Sold (Return of merchandise, assuming goods are resaleable and returned to inventory) Accounts Receivable 31 Sales No Entry (Sale of merchandise) y 31 v Cost of Goods Sold IIO ITO Inventory No Entry (Cost of goods sold recorded)