Target Store uses the periodic inventory system and had the following transactions during the month of May: Prepare the required journal entries that Target Store must make to record these transactions.

May 3 Sold merchandise to a customer on credit for $600, terms 2/10, n/30. The cost of merchandise sold was $350.

May 4 Sold merchandise to a customer for cash of $425. The cost of the merchandise was $250.EXPLAIN THIS ENTRY PLEASE

May 6 Sold merchandise to a customer on credit for $1,300, terms 2/10, n/30. The cost of the merchandise sold was $750. EXPLAIN THIS ENTRY PLEASE

May 8 The customer from May 3 returned merchandise with a selling price of $100. The cost of the merchandise retuned was $55.

May 15 The customer from May 6 paid the full amount due, less any appropriate discounts earned.

May 31 The customer from May 3 paid the full amount due, less any appropriate discounts earned.