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Problem 5-2A (Part Level Submission) Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $4,990 and Common Stock of $4,990. May 1 Purchased merchandise on account from Gray's wholesale Supply $4,000, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,520. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on sales of $2,100 on May 2 10 Paid Gray's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $310. 12 Purchased merchandise for cash $1,400. 15 Recelved refund for poor quality merchandise from supplier on cash purchase $180 17 Purchased merchandise from Amland Distributors 1,200, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $200 24 Sold merchandise for cash $3,050. The merchandise sold had a cost of $1,880 25 Purchased merchandise from Horvath, Inc. $680, FOB destination,terms 2/10, n/30. 27 Paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $20. Latona 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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold [2 Your answer is partially correct. Ty again ournalize the transactions using a perpetual inventory system. (Credit account tities are automatically Date Account Titles and Explanation May 1 Tnvento Credit ccounts Payabl May 2 TAccounts Receivabl Sales Revenue (To record credit sale) 152 ost of Goods Sol 52 nvento To record cost of merchandise sold) May 5 ccounts Payabl 0 vento May 9 as 1890 210 ales Discounts ccounts Receivable May 10 ccounts Payabl 74 as 3626 nvento May 11 Supplies May 12 TInvento ounts Payabl May 19nvento May 2 ales Revenu To record cash sale) of Goods Sold Inventory To record cost of merchandise sold) May 2 nvento Accounts Payabl May 2 unts Payabl nvento May 29 les Returns and Allowan To record merchandise returned) 0 t of Goods Sold To record cost of merchandise returned) May 31 ounts Receivable 4 Sales Revenue 14 (To record credit sale) ost of Goods Sold nvento To record cost of merchandise sold)