Splish Brothers Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Splish Brothers showed Cash of $8,000 and Common Stock of $ 8,800. 9 May 1 Purchased merchandise on account from Black Wholesale Supply for $ 7,300, terms 1/10, 1/30. 2 Sold merchandise on account $4,800, terms 2/10,0/30. The cost of the merchandise sold was $ 3.600 5 Received credit from Black Wholesale Supply for merchandise returned $ 200, 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 $ 800. 12 Purchased merchandise for cash $ 3.100, Received $ 210 refund for return of poor quality merchandise from supplier on cash purchase Purchased merchandise on account from Wilhelm Distributors for 2400, terms 2/10 n/30. FOB shipping point 19 Paid freight on May 17 purchase $ 250 15 17 24 Sold merchandise for cash 5.500. The merchandise sold had a cost of $3.900. 25 Purchased merchandise on account from Clasps.ioc. for $800, terms 3/10,n/30 Splish Brothers Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Splish Brothers showed Cash of $ 8.000 and Common Stock of $8.800. 5 9 May 1 Purchased merchandise on account from Black Wholesale Supply for $7.300, terms 1/10, 1/30. 2 Sold merchandise on account $4,800, terms 2/10, 1/30. The cost of the merchandise sold was $3,600, Received credit from Black Wholesale Supply for merchandise returned $ 200. 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 $ 800 12 Purchased merchandise for cash $3,100. Received 5 210 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2.400. terms 2/10.n/30. FOB shipping point Pald freight on May 17 purchase $ 250. 15 17 19 ... TFW 8:19 PM a Answer 1 of 1 Done Date Account title Debit credit may 1 Inventory DR 7300 Accounts payable 7300 [Purchased merchandise on credit]] 2 Accounts receivable DR 4800 sales 4800 (sold inventory on credit] Cost of goods sold DR 3600 Inventory 3600 [being cost of goods sold recorded] 5 Accounts payable DR 200 Inventory 200 [Being merchandise returned recorded) 9 cash DR 4704 Discount allowed [4800.02] DR 96 Accounts receivable 4800 [being receivables collected and discount allowed) 10 Accounts payable [7300-200] DR7100 Discount received [7100 .01) 71 Cash [7100-71) 7029 [being amount paid to suppliers recorded) 11 supplies DR 800 cash 800 [supplies purchased] 12 Inventory DR 3100 cash 3100 [merchanidse purchased for cash ] 15 cash DR 210 Inventory 210 [Being amount refund for poor quality] 17 Inventory DR 2400 accounts payable 2400 [Purchase merchandise on credit] 19 Inventory DR 250 cash 250 [Paid freight on purchase of inventory] 24 cash DR 5500 sales 5500 ... TFW 8:19 PM a Done Answer 1 of 1 cash 800 [supplies purchased] 12 Inventory DR 3100 cash 3100 (merchanidse purchased for cash ] 15 cash DR 210 Inventory 210 [Being amount refund for poor quality] 17 Inventory DR 2400 accounts payable 2400 [Purchase merchandise on credit] 19 Inventory DR 250 cash 250 [Paid freight on purchase of inventory] 24 cash DR 5500 sales 5500 (cash sales recorded cost of goods sold DR 3900 Inventory 3900 (Cost of goods sold recorded] 25 Inventory DR 800 Accounts payable 800 [Purchase inventory on credit] 27 Accounts payable DR 2400 Discount received [2400".02) cash [2400-48] 2352 [being amount paid to suppliers net of discount recorded] 29 Sales /sales return DR 124 cash 124 [being cash returned to customers for sales return) Inventory DR 8 cost of goods sold 8 [ being cost of inventory returned credited) 31 accounts receivable DR 1360 sales 1360 [sales on credit recorded] cost of goods sold DR 840 Inventory 840 [Cost of goods sold recorded] 48 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 No. 101 Date Explanation Ref. Debit Credit Balance May 1 Balance 1 31 01 01 31 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance 11 31 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance 31 31 31 6 Car J1 Supplies No. 12 Date Explanation Ref. Debit Credit Balance 31 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance 11 31 J1 31 31 Common Stock No. 311 Date Explanation Ref. Debit Credit Balance v Balance No. 401 Sales Revenue Date Credit Balance Explanation Ref. Debit 31 01 01 No. 412 Sales Returns and Allowances Credit Balance Ref. Debit Date Explanation 31 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit Credit Balance 11 No. 414 Sales Discounts | Credit Balance Date Explanation Ref. Debit 31 No. 505 Cost of Goods Sold Credit Balance Debit Ref. Date Explanation 01 31 (c) The parts of thi