Sheridan Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sheridan showed Cash of $ 5,500 and Owner's Capital of $ 5,500. May 1 2 5 9 10 11 12 Purchased merchandise on account from Braun's Wholesale Supply for $4,200, terms 2/10,1/30. Sold merchandise on account $ 1.900, terms 1/10, 1/30. The cost of the merchandise sold was $ 1,600. Received credit from Braun's Wholesale Supply for merchandise returned $ 350. Received collections in full, less discounts, from customers billed on May 2. Paid Braun's Wholesale Supply in full, less discount. Purchased supplies for cash $ 400. Purchased merchandise for cash $ 1.200. Received 200 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Valley Distributors for $ 1.200, terms 2/10, 1/30,FOB shipping point Paid freight on May 17 purchase $ 100. Sold merchandise for cash $ 3.500. The merchandise sold had a cost of $ 2.000. Purchased merchandise on account from Lumley, Inc. for $700. terms 2/10, 1/30. Paid Valley Distributors in full less discount Made refunds to cash customers for returned merchandise $ 70. The returned merchandisecost 30. 15 17 19 24 25 27 29 31 Sold merchandise on account for $1.500 terms 30. The cost of the merchandise sold was $ 500, Sheridan 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 Enter the beginning cash and capital balances and post the transactions. (Post entries in the order of journal entries presented in the previous part.) Cash No. Date Explanation Ref. Debit Credit Balance May 1 Balance V 5500 5500 May J1 1881 7381 May 10 3608 31 3773 31 400 May 11 3208 120 11 2008 May 12 200 31 May 15 2208 100 J1 2108 May 19 31 My24 3500 3600 31 1078 4530 May27 30 J1 No29 4460 No. Inventory Date Credit Balance Explanation Ref. Debit 4200 May 1 1 4200 2600 1600 May 2 31 2950 31 May 5 350 77 2873 31 May 10 4073 1200 May 12 31 200 3873 May 15 J1 4973 1100 May 17 31 100 5073 31 May 19 3073 JI 2000 May 24 700 3773 May 2s 31 3751 Mar 27 J1 3781 May29 30 31 500 3201 May 31 No Accounts Payable No. Date Explanation Ref. Debit Credit Balance May 1 Ji May 5 11 May 10 31 May 17 1 May 25 31 May 27 31