Ronin Incorporation completed the following merchandising

transactions in the month of May. At the beginning of May, the ledger

of Ronin showed Cash of $$8,000$ and Ronin, Capital of $$45,000,$

Inventory of $$15,000.$ Ronin incorporation follows the perpetual

inventory system.

May $3$: Sold merchandise for cash to Sadmim Co$.,$ $$5,400.$ The cost of

the merchandise sold was $$4,800.$

May $6$: Purchased merchandise on account from Barista Co$.,$ $$8,000,$

terms FOB Destination, $5/10,$ n$/30,$ The relevant company paid the

freight charge of $$100.$

May $7$: Purchased Equipment on credit $$45,000.$ The equipment will be

used by the business.

May $8$: Received $$500$ credit for merchandise inventory returned to

Barista Co$.$

May $12$: Paid Barista Co$.$ in full.

May $15$: Made refunds to Sadmim Co$.$ for defective merchandise $$400.$

The returned merchandise had a scrap value of $$50$ only.

Instructions: Journalize the transactions in the following table for the

month of May for Ronin incorporation using a periodic inventory

system.