Windsor, Inc. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Windsor showed Cash of $5,000 and Common Stock of $5,000.

May 1		Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30.
2		Sold merchandise on account $2,400, terms 1/10, n/30. The cost of the merchandise sold was $1,000.
5		Received credit from Gray's Wholesale Supply for merchandise returned $250.
9		Received collections in full, less discounts, from customers billed on sales of $2,400 on May 2.
10		Paid Gray's Wholesale Supply in full, less discount.
11		Purchased supplies for cash $350.
12		Purchased merchandise for cash $1,500.
15		Received refund for poor quality merchandise from supplier on cash purchase $100.
17		Purchased merchandise from Amland Distributors $1,400, FOB shipping point, terms 2/10, n/30.
19		Paid freight on May 17 purchase $180.
24		Sold merchandise for cash $2,800. The merchandise sold had a cost of $2,000.
25		Purchased merchandise on account from Horvath, Inc. $600, FOB destination, terms 2/10, n/30.
27		Paid Amland Distributors in full, less discount.
29		Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $30.
31		Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $600.

Windsor, Inc.'s chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

Journalize the transactions using a perpetual inventory system.

Enter the beginning cash and common stock balances and post the transactions.

Prepare an income statement through gross profit for the month of May 2020.

Question 14 of 14 1.25 / 5 entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "U"for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit May 1 Inventory Accounts Payable May 2 Accounts Receivable Sales Revenue (To record credit sale) May 2 Cost of Goods Sold Inventory (To record cost of merchandise sold) May 5 Accounts Payable Inventory May 9 Cash Sales Discounts Accounts Receivable May 10 V Accounts Payable Inventory Cash May 11 Supplies Cash May 12 Inventory Cash May 15 V Cash Inventory May 17 Inventory Accounts Payable Question 14 of 14 1.25/5 Inventory May 17 V Inventory Accounts Payable May 19v Inventory Cash May 24 Cash (To record cash sale) (To record cost of merchandise sold) Inventory Cash Inventory (To record merchandise returned) (To record cost of merchandise returned) (To record credit sale) To record cont of merchandise old) Question 14 of 14 1.25/5 eTextbook and Media List of Accounts X Your answer is incorrect Prepare an income statement through gross profit for the month of May 2020. Windsor, Inc Income Statement (Partial) eTextbook and Media List of Accounts Save for Later Attempts: unlimited Submit