Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Wildhorse showed Cash of $4.500 Inventory of $7,300 and Owner's Capital of $11.800. May 2 9 24 Sold merchandise on account $2.200, terms 1/10, 1/30. The cost of the merchandise sold was $1,300 Received collections in full, less discounts, from customers billed on sales of $2.200 on May 2. Sold merchandise for cash $3,400. The merchandise sold had a cost of $2,000. Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $40. Sold merchandise on account $1,500 terms 1/30. The cost of the merchandise sold was $500. 29 31 Wildhorse Hardware's chart of accounts includes the following: No. 101 Cash No. 112 Accounts Receivable. No. 120 Inventory, No. 301 Owner's Capital No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No 414 Sales Discounts and No. 505 Cost of Goods Sold Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (lo record cash sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale)