Splish Brothers Inc. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of

Splish Brothers Inc. showed Cash of $$8,000$ and Common Stock of $$8,800.$

May $1$ Purchased merchandise on account from Black Wholesale Supply for $$7,300,$ terms $\frac{1}{10},\frac{n}{30}.$

$2$ Sold merchandise on account $$4,800,$ terms $\frac{2}{10},\frac{n}{30}.$ The cost of the merchandise sold was $$3,600.$

$5$ 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 $$800.$

$12$ Purchased merchandise for cash $$3,100.$

$15$ Received $$210$ refund for return of poor quality merchandise from supplier on cash purchase.

$17$ Purchased merchandise on account from Wilhelm Distributors for $$2,400,$ terms $\frac{2}{10},\frac{n}{30}.$

$19$ Paid freight on May $17$ purchase $$250.$

$24$ Sold merchandise for cash $$5,500.$ The merchandise sold had a cost of $$3,900.$

$25$ Purchased merchandise on account from Clasps, Inc. For $$800,$ terms $3/10,$ n$/30.$

$27$ Paid Wilhelm Distributors in full, less discount.

$29$ Made refunds to cash customers for returned merchandise $$124.$ The returned merchandise cost $$8.$

$31$ Sold merchandise on account for $$1,360$ terms $\frac{n}{30}.$ The cost of the merchandise sold was $$840.$

Splish Brothers Inc.$\text{'}$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. Prepare an income statement through gross profit for the month of May $2022.$

Splish Brothers Inc.

Income Statement $($Partial$)$