Sandhil Hardware Store completed the following menfundung transactions in the north of May At the beginning of May, the ledger of Sandhill showed Cash of $5,000 and Owner's Capital of $5.000 Purchased merchandise on account from frauens Wholesale Supply for $4,100 terms 2/10/30 Mw 2 Sold merch account $1,500 i 1/10 30. The unt of the merchandise sold was $1.000 3 Received credit from Bus Wholesale Supply for merchandise returned $300 3 Received collection in full, le discants, from cuntomers Billed on May 2 10 Paul Bauer Wholesale Supply in fult is discount 11 Purchased Supplies 550 12 Purchased chanfran51.400 15 17 19 Pail height on May 17 $200 24 ceived $200 fund for turn of poce quality merchandise from supplier on cashpurchase Pachased merchandise an account from Valley Distributors for $1,300 term 2/10/2010 shipping Sold mechine for cash $3,100. The merchandoe sold had a cost of $2,300 27 Pid Valley Dusit filled 29 Malerefush for $400 terms 2/10/30 than $20 kamers for bed merchandise 170. The returned outte $1.000/30 The cast of the merchandise was $300 Sendhil was chart of antides the fting 101 Cach No. 112 Account Real es 120 vntors No 125 Supplies, No. 301 Accs Payable, No 301 Owner's Capital Nis 401 Sales Rev 12 Satan and Alons Good Sc Prepare a multiple-step income statement through gross profit for the month of May 2022. (Use the ledger balances from part b and assume t or parentheses eg. (45).) SANDHILL HARDWARE STORE Income Statement (Partial) Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sandhill showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10, n/30. 2 Sold merchandise on account $1,900, terms 1/10, n/30. The cost of the merchandise sold was $1,000. 5 Received credit from Braun's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,400. 15 Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. 17 17 19 223 24 Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. Paid freight on May 17 purchase $200. Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,300. 25 Purchased merchandise on account from Lumley, Inc. for $600. terms 2/10, n/30. 27 Paid Valley Distributors in full, less discount. 29 31 Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $20. Sold merchandise on account for $1,000 terms n/30. The cost of the merchandise sold was $600. Sandhill 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. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold