the above transactions for Leeland Company At the beginning of May, Copple's ledger showed Cash $15,000 and B. Copple, Capital, $15,000. P5-4A Copple Hardware Store had the following merchandising transactions in the month of May. Record and post inventory transactions--perpetual May 1 Purchased 120 tool sets for resale from Lathrop Wholesale Supply Co. for $5,800, terms income statement and system. Prepare partial 2/10. n/30, FOB shipping point. balance sheet 3 The correct company paid $200 cash for freight charges on the May I merchandise purchase. ISO 2. 3,5) AP 4 Sold 30 of the tool sets on account for $2,250, terms 2/10, 1/30. FOB destination. 5 The correct company paid $100 freight on the May 4 sale. 6 Issued a credit memorandum for the return of three tool sets sold on May 4. The tool sets were returned to inventory. 8 Purchased supplies for $900 cash. 9 Purchased merchandise from Harlow Distributors for $2,000, terms 2/10, n/30, FOB shipping point. 10 The correct company paid $300 freight on the May 9 purchase. 12 Received $200 credit from Harlow Distributors for returned merchandise. 19 Paid Harlow Distributors for the balance owing. 24 Sold one-half of the remaining merchandise purchased from Harlow for $2,600 cash. The merchandise sold had a cost of $1,032. 25 Purchased merchandise from Horicon Inc. for $1,000, terms n/30, FOB destination. 27 Received collections in full from customers billed on May 4. 28 Made cash refunds to customers for returned merchandise, $100. The returned merchan- dise had a cost of $70 and was restored to inventory. 28 Purchased merchandise for $2,400 cash. 29 Received a $230 refund from a supplier for poor quality merchandise purchased with cash. 31 Paid Lathrop Wholesale Supply for the balance owing, 31 Sold merchandise on account for $1,600, FOB shipping point, terms n/30. The cost of the merchandise sold was $1,000 tours 1 uses a perpetual inventory system. initol balances, and post the shows the company has $7,922 of inventory on hand at May 31, 2008 (a) Record the transactions assuming Copple uses a periodic inventory system, (b) Set up general ledger accounts, enter the beginning cash and capital balances, and (c) Prepare a partial multiple-step income statement, up to gross profit, for the month of May 2008 *P5-11A Data for Copple Hardware Store are presented in P5-4A. A physical inventory count Record Problems: Set B Instructions transac system incom ISO 7 transactions. post the *P5-12A The following is an alohoho