Skysong Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Skysong showed Cash of $8,700 and Common Stock of $8,600. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,200, terms 1/10, n/30. 2 Sold merchandise on account $4,800, terms 2/10,n/30. The cost of the merchandise sold was $3,300. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $1,000. 12 Purchased merchandise for cash $2,800. 15 Received $210 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10,n/30,FOB shipping point. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,100. The merchandise sold had a cost of $4,300. 25 Purchased merchandise on account from Clasps, Inc. for $900, terms 3/10,n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $116. The returned merchandise cost $9. 31 Sold merchandise on account for $1,330 terms n/30. The cost of the merchandise sold was $850. ikysong Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 iupplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 ales Discounts, and No. 505 Cost of Goods Sold. May 10 Accounts Payable Inventory Cash \begin{tabular}{|r|} \hline \\ \hline \end{tabular} Accounts Receivable Sales Revenue (To record cash sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Inventory Accounts Payable May 27 Accounts Payable Inventory Cash May 29 Sales Returns and Allowances Accounts Receivable 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.) Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance J1 J1 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 J1 Sales Discounts No. 414 \begin{tabular}{|ccccc|} Date & Explanation & Ref. & Debit & Credit \\ \hline & J1 & & \\ \hline \end{tabular} Cost of Goods Sold No. 505 \begin{tabular}{rrr} Date & Explanation & Ref. \\ \hdashline & J1 \\ \hdashline & J1 \end{tabular} J1 J1