Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sunlands' ledger showed Cash of $8,900 and Common Stock of $8,900. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Black Wholesale Supply for $3,900, terms 1/10,n/30. Sold merchandise on account for $5,300, terms 2/10, n/30. The cost of the merchandise sold was $4,200. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount. Purchased supplies for cash $900. Purchased merchandise for cash $3,900. Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $3,300, terms 2/10,n/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. Purchased merchandise from Clasps Inc for $800, terms 3/10, 1/30. Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $108. The returned merchandise had cost $94. Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $838. 17 19 24 25 27 29 31 Date Account Titles and Explanation Debit May 1 Inventory 8900 Accounts Payable May 2 Accounts Receivable 5300 Sales Revenge (To record credit sale) Cost of Goods Sold 4200 Inventory (To record cost of merchandise sold) Mays Accounts Payable 200 Inventory May 9 V Cash 5.194 Sales Discounts 106 Accounts Receivable May 10 V Accounts Payable 8,700 Cash Inventory May 11 Supplies 900 Cash May 12 Inventory 2.900 Cash May 15 V Cash 280 Inventory May 17 Inventory 3.800 Accounts Payable May 19 V Inventory 250 Cash May 24 Cash 5.500 Sales Revenue (To record sales) Cost of Goods Sold 4100 Inventory Cash V V Supplies Accounts Payable Sales Discounts Cost of Goods Sold