Renner Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the tedger of Renner showed Cash of $5,000 and Owner's Capital of $5,000 May 1 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, 1/30 2 Sold merchandise on account $2,100, terms 1/10, 1/30. The cost of the merchandise sold was 51,300. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in Tuil, less discounts from customers billed on sales of $2,100 on May 2. 10 Paid Braun's Wholesale Supply in full less discount. 11 Purchased supplies for cash $400. 12 Purchased merchandise for cash $1,400 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Valley Distributors 51,300, FOB shipping point, terms 2/10, 1/30 19 Paid freight on May 17 purchase $130. 24 Sold merchandise for cash $3,200. The merchandise sold had a cost of $2,000. 25. Purchased merchandise on account from Lumley, Inc. 5620, FOs destination, terms 2/10, 1/30 27 Paid Valley Distributors in full, les discount. 29 Mode refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of 130. 31 Sold merchandise on account $1,000, terms /30. The cost of the merchandise sold was $560. 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. 101 Owner's Capital, No. 401 Sales Revenue, No 412 Sales Returns and Allowances No 414 Sales Discounts, and No: 505 Cost of goods sold Tourate the transactions using a perpetual inventory system (Credit accounts are automatically indented when amount is entered inten Journalize the transactions using a perpetual Inventory system. (Credit account titles are automatically Indented when amount is ente Journal entries in the order presented in the problem.) Account Tities and Explanation Date Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record cash sale) J1 31 11 21 01 01 31 11