Sandhill Hardware Store completed the following merchandising transactions in the month of May At the beginning of Ms the leger of Sandhill showes Castrol $0,000 and Ower's Capital 13000 May 1 Pirchanel merchandise on account from Bras Wholesale Supply for 14.3002/10/30 2 Sold merchandise on account $1,900 term 1/10/30. The cost of the merchandise sold was $1,000 5 Received credit from fraurs Wholesale Seply for merchandise returned $300. 9 Received collections in full, less decounts from customers billed on May 2 10 Paid Braums Wholesale Supply in full less t 31 Purchased supplies for cash $250 12 Purchand merchandise for cash $1,400 15 Received $200 refund for return of poor quality merchandise from supper on cashpur 37 Purchased merchandise on account from Valey Distributors for $1500 terms 2/10/30 ping po 19 Paid fright on May 17 $200 24 Seld merchandise for a $3,100 The merchando sold had a $2,300 25 hand on account from tumly Inc for S600 ms 2/10/30 27 Pud Valley Distributors in bulk less dist 29 Made ronds to susioners for returned dund $70. The reformed merchandisecont $20. 31 Seld mercundue una for $5,000 terms 3 The ot of the merchandise wild was 3000 Sandhed Hardws shart of accents includes the fog N. 101 Canh No. 112 Acts Reca Nin 120 or 126 Supplies N 201 Accounts Finate, N 301 Owners Cap N 401 Sales Revenue, No 12-es and Allowanc N414Sales Discounts and N300 Cast of Goods Sold Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous Cash Date Explanation Ref. Debit Balance 31 31 01 31 31 31 J1 31 31 Credit No. 101 Balance Accounts Receivable Date No. 112 Explanation Ref. Debit Credit Balance J1 01 31 Inventory No. 120 Date Explanation Ref. Debit Credit Balance J1 < > < 01 31 31 01 01 J1 01 01 J1 J1 Supplies No. 126 Date Explanation Ref. Debit Credit Balance 31 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance J1 > < 01 01 01 = 31 31 Owner's Capital No. 301 Date Explanation Ref. Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance 31 31 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance 31 Sales Discounts No. 414 Date Explanation Ref. Debit. Credit Balance J1 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance 11 Cost of Goods Sold Date No. 505 Explanation Ref. Debit Credit Balance 31 31 01 31 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 2 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10, n/30. 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 Purchased merchandise on account from Valley Distributors for $1.300. terms 2/10, n/30.FOB shipping point. 19 24 24 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 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