Sheffield Corp.completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheffield Corp.showed Cash of $7,600 and Common Stock of $8,800. May 1 2 5 9 10 11 12 15 17 19 24 25 27 29 31 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. Sold merchandise on account $4,800, terms 2/10,n/30. The cost of the merchandise sold was $3,300. Received credit from Black Wholesale Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full. less discount. Purchased supplies for cash $1,000. Purchased merchandise for cash $3,400. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,300, terms 2/10, 1/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $6,000. The merchandise sold had a cost of $4,400. Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10, 1/30. Paid Wilhelm Distributors in full, less discount Made refunds to cash customers for returned merchandise $134. The returned merchandise cost $9. Sold merchandise on account for $1.280 terms n/30. The cost of the merchandise sold was $810. Sheffield Corp'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. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold (b) Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) Cash Date Ref. Debit Explanation Balance No. 101 Balance Credit 31 31 31 J1 31 31 J1 J1 31 J1 1 Accounts Receivable Date Explanation Ref. No. 112 Balance Debit Credit 31 31 JI Inventory Date Explanation Ref. Debit Credit No. 120 Balance 31 31 31 31 31 31 J1 J1 > J1 J1 31 31 JI 31 31 Supplies Date Explanation Debit Ref. 31 Credit No. 126 Balance Accounts Payable Date Explanation Ref. Debit Credit No. 201 Balance J1 - 31 31 J1 31 Ref. Debit No. 311 Balance Credit Common Stock Date Explanation Balance Sales Revenue Date Explanation Ref. Debit No. 401 Balance Credit 31 31 31 No. 412 Sales Returns and Allowances Date Explanation Ref. Debit Credit Balance 31 Sales Discounts Date Tnlantis No. 414 Balance Ref. Dehit Credit Sales Discounts Date Explanation Ref. Debit No. 414 Balance Credit J1 Cost of Goods Sold Date Explanation Ref. Debit Credit No. 505 Balance 31 J1 31 > 31