Whispering Winds Corp. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Whispering Winds Corp. showed Cash of $8,200 and Common Stock of $8,500. May 1 Purchased merchandise on account from Black Wholesale Supply for $7,900, terms 1/10,n/30. 2 Sold merchandise on account $4,300, terms 2/10,n/30. The cost of the merchandise sold was $3,100. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,000. 15 Received $240 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Withelm Distributors for $2,600, terms 2/10,n/30, 19 Paid freight on May 17 purchase $240. 24 Sold merchandise for cash $5,900. The merchandise sold had a cost of $4,200. 25 Purchased merchandise on account from Clasps, Inc. For $800, terms 3/10,n/30. 27 Paid Willhelm Distributors in fulli, less discount. 29 Made refunds to cash customers for returned merchandise $130. The returned merchandise cost $8. 31 Sold merchandise on account for $1,150 terms n/30. The cost of the merchandise sold was $900. Whispering Winds Corp's chart of accounts includes the following: No. 101 Cash, No, 112 Accounts Recelvable, No, 120 inventory. Na. 126 Supplies, No. 201 Accounts Payable, No.311 Common Stock, No. 401 Sales Revenue. No. 412 Sales Returns and Allowances, No.414 Sales Piscounts, and No. 505 Cost of Goods Sold. journal entries in the order presented in the problem.) Cash Supplies 900 Cash 7623 May 12 v Inventory 3000 May 15v Cash 240 Itventory 240 Accounts Payable 2600 May 19 inventory 240 240 5900 Sales Reverue (To record cash sale) May 24 Costot Goods Solid 4200 itwentory (To record cost of merchandise sold) Accounts Payable \begin{tabular}{l} May 251 Inventory \\ \hline \\ \hline Accounts Payable \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & 800 \\ \hline \end{tabular} \begin{tabular}{|ll|} \hline & 800 \\ \hline \end{tabular} \begin{tabular}{l} \hline Inventory \\ \hline Cash \\ \hline Sales Returns and Allowances \\ \hline Cash \\ \hline \end{tabular} (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) Inventory (To record cost of merchandise sold) Enter the beginning cash and common stock balances and post the transactions. (Post entries in the order of journal entries presented in the previous question.) Question 5 of 5 Sales Returns and Allowances No. 412 Date Explanation Ref. Debit
