Current Attempt in Progress 2 5 Bridgeport Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Bridgeport's ledger showed Cash of $11,000 and Common Shares of $11,000. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $11,000, terms 2/10,/30. Sold merchandise on account for $5,800, terms n/30. The cost of the merchandise sold was $4,900. Received credit from Hilton Wholesale Supply for merchandise returned $390. 9 Received collections in full from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount 11 Purchased supplies for cash $1,160. 12 Purchased merchandise for cash $3,350. 15 Received $430 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $3.150 terms 2/10,n/30. 19 Paid freight on May 17 purchase $430 Sold merchandise for cash $6,600. The cost of the merchandise sold was $5,500. Purchased merchandise from Toolware Inc. for $1,060. terms 3/10, 1/30. 27 Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $146. The returned merchandise was returned to 29 inventory and had cost $118. 31 Sold merchandise on account for $1,500, terms n/30. The cost of the merchandise sold was $1,160. 24 25 Bridgeport Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. Date Account Titles and Explanation Debat Cred (Sale of merchandise on account) (Cost of goods sold recorded) (Sale of merchandise) (Cost of goods sold recorded (Return of merchandise) (Return of merchandise, assuming goods are resaleable and returned to inventory) (Sale of merchandise) (Cost of goods sold recorded)