sales revenue: 14492

winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $11,200 and Common Stock of $11,200 Purchased merchandise on account from Black wholesale 5upply for $7,500, terms 1/10' n/30. Sold merchandise on account for s5,000, tems 2/10, n/30. The cost of the merchandise sold was s3,750 May 1 2 5 Received credit from Black Wholesale Supply for merchandise returned $00. 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $1,260. 12 Purchased merchandise for cash $4,340. 15 Recelved $322 refund for return of poor-qual ty merchandise from supplier on cash purchase 17 Purchased merchandise from Wilhelm Distributors for s2,550, terms 2/10, n/30 1 Paid freight on May 1 purchase $3s0. 24 Sold merchandise for cash $7,700, The cost of the merchandise sold was $5,740 25 Purchased merchandise from Clasps Inc. for $1,120, terms 3/10, n30. 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $125. The returned merchandise had cost S94 31 Sold merchandise on account for $1,792, tenms n 30. The cost of the merchandise sold was $1,162 ] Your answer is correct. Journalize the transactions using a perpetual inventory system. (I no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1 Inventory 500 Accounts Payable 7500 May 2 ACCOunts Recelvable 5000 Sales Revenue To record credit sele) Cost of Goods Sold 5000 3750 3750 To record cost of merchandise d