Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sunland showed Cash of $4,500 and Owners Capital of $4,500.

May 1		Purchased merchandise on account from Braun's Wholesale Supply $3,900, terms 2/10, n/30.
2		Sold merchandise on account $2,500, terms 1/10, n/30. The cost of the merchandise sold was $1,600.
5		Received credit from Braun's Wholesale Supply for merchandise returned $400.
9		Received collections in full, less discounts, from customers billed on sales of $2,500 on May 2.
10		Paid Braun's Wholesale Supply in full, less discount.
11		Purchased supplies for cash $300.
12		Purchased merchandise for cash $1,300.
15		Received refund for poor quality merchandise from supplier on cash purchase $150.
17		Purchased merchandise from Valley Distributors $1,200, FOB shipping point, terms 2/10, n/30.
19		Paid freight on May 17 purchase $170.
24		Sold merchandise for cash $3,500. The merchandise sold had a cost of $2,100.
25		Purchased merchandise on account from Lumley, Inc. $700, FOB destination, terms 2/10, n/30.
27		Paid Valley Distributors in full, less discount.
29		Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $40.
31		Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600.

Sunland Hardwares 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 Owners 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. 101 Date Explanation Ref. Debit Credit Balance Balance V 31 x 31 J1 X J1 J1 JOGOOOOO J1 J1 J1 J1 Accounts Receivable Date Explanation Ref. No. 112 Balance Debit Credit 31 x DOO 01 X X 31 No. 120 Inventory Date Explanation Ref. Debit Credit Balance J1 31 J1 31 J1 J1 01 LOOOGOOOGOOO x 31 J1 X J1 J1 J1 J1 No. 126 Supplies Date Explanation Ref. Debit Credit Balance J1 No. 201 Accounts Payable Date Explanation Ref. Debit Credit Balance J1 J1 J1 JONI J1 J1 XP J1 Owner's Capital Date Explanation No. 301 Balance Ref. Debit Credit Balance Sales Revenue Date No. 401 Balance Explanation Ref. Debit Credit J1 J1 100 J1 No. 412 Balance Debit Credit Sales Returns and Allowances Date Explanation Ref. X 31 Sales Discounts Date Explanation Ref. No. 414 Balance Debit Credit J1 Cost of Goods Sold Date Explanation No. 505 Balance Ref. Debit Credit X 31 X J1 god! X X J1 X X 01