• The cost of the merchandise 2 sold was 1,300 Received credit from Jerry's Wholesale Supply for merchandise returned 300 5 9 Received collections in full, less discounts, from customers billed on sales of 2,100 on 02May 10 Paid Jerry's Wholesale Supply in full, less discount 11 12 Purchased supplies for cash 400 Purchased merchandise for cash 1,400 15 17 Received refund for poor quality merchandise from supplier on cash purchase 150 Purchased merchandise from Cosmo Distributors 1,300, FOB shipping point, terms 2/10, n/30 Paid freight on 17 May purchase 130 19 24 25 Sold merchandise for cash 3,200. The merchandise sold had a cost of 2,000 Purchased merchandise from Costanza, Inc. 550, FOB destination, terms 2/10, n/30 27 Paid Cosmo Distributors in full, less discount 29 Made refunds to cash customers for defective merchandise 60. The returned merchandise had a scrap value 31 Sold merchandise on account 900, terms n/30. The cost of the merchandise sold was 560