Sandhill Handware Store completed the following merchandising tramactions in the both of May. At the beginning of May the ledger of Sandhill shownd Cash of $5,000 and Owner's Capital of $5.000 May 1 Purchased merchandise on account from Brauts Wholesale Supply for $4100 terms 2/10/20 2 Sold merchandise on account $1,900, tenes 1/10w30. The end of the merchandise sold wo $1.000 5 Received credit from Brauns Wholesale Supply for merchandise returned $300 9 Received collections in less counts from cintaners bed on May 2 10 Paid Braves Wholesale Supply in est 11 Purchased for cash $350 12 Purchinal mendon for ceh $1,400 15 17 19 Received $200 or of poor quality menshine from er rash purchas Pashad merchondoe on account from Valley Detributors for $1.300, terms 2/10/2008 in Pail freight on May purchase $200 24 Sol 25 Purand 25 Paid Valley Drink diket 29 Male ala cash qalmiers fornbred merchandise $20. The red $20 21 Sold of 31000 30. The cast of the $600 Na 454 Sales Chesh 101 Cak M 117 No 120tory 128 Supplies is 201 Ace Fab 301 Owner's C40 12 Date May 1 v Account Titles and Explanation Inventory Accounts Payable May 2 Accounts Receivable Sales Revenue (To record credit sale) May 2 Cost of Goods Sold May 5 May 9 Inventory (To record cost of merchandise sold) Accounts Payable Inventory Cash Sales Discounts Accounts Receivable Debit 4100 1900 1000 300 1881 19 Credit 4100 1900 1000 300 1900 May 10 Accounts Payable 3800 Cash Inventory May 11 Supplies Cash 350 May 12 v Inventory 1400 Cash May 15 v Cash Inventory May 17 Inventory Accounts Payable May 19 Inventory Cash May 24 Cash Sales Revenue 200 1300 200 3100 3724 76 350 1400 200 1300 200 3100 May 25 (To record cash sale) Inventory May 27 Accounts Payable (To record cost of merchandise sold) Accounts Payable May 31 v v Inventory (To record merchandise returned) (To record cost of merchandise returned) 600 1300 600 26 26 (To record cost of merchandise returned) (To record credit sale) (To record cost of merchandise sold) 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 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,400. 15 15 Received $200 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,300, terms 2/10, n/30,FOB shipping point. 19 22 Paid freight on May 17 purchase $200. 24 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 Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $20. 31 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