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Oriole Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Oriole showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10,n/30. 2 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Braun's Wholesale Supply for merchandise returned $250. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,500. 15 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10,n/30, FOB shipping point. 19 Paid freight on May 17 purchase $140. 24 Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,000. 25 Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. 31 Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500. (a) Journa lize the transactions usinz a perpetual invantory system. (List all debit entries before credit entries. Credit account titles are automutically indented when amount is entered. Date Account Titles and Explanation Debit Credit (To record crebit sale) (To record cost of merchandise sold) (To reciord cash sale) (To record cost of merchandise retumed) (To record cresit sale) (To record cost of merchandise sold) Enter the besinning cash and capital balances and post the trarcactions. (Post entries in the order of journal entries presented in the previous par) Sales Revente Date Explanation Ref. J1 J1 J1 Debit Sales Returns and Allewances Date Explanation Ref. ]1 Credit No. 401 Balance No. 412 Credit Balance No. 414 Explanation Ref. J1 Debit Explanation Ref. ]1 J1 J1 J1 Credit Credit Balance Balance No. 505 Debit (c) Prepare a multiple-step income statement through gross profit for the month of May 2022 . (Use theledgar bal ances from part b and assume that no adjustm ORIOLE HARDWARE STORE Income Statement (Partial) $ 5 5 Oriole Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Oriole showed Cash of $5,000 and Owner's Capital of $5,000. May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,100, terms 2/10,n/30. 2 Sold merchandise on account $1,500, terms 1/10,n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Braun's Wholesale Supply for merchandise returned $250. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $300. 12 Purchased merchandise for cash $1,500. 15 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10,n/30, FOB shipping point. 19 Paid freight on May 17 purchase $140. 24 Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,000. 25 Purchased merchandise on account from Lumley, Inc. for $550, terms 2/10,n/30. 27 Paid Valley Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $80. The returned merchandisecost $20. 31 Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500. (a) Journa lize the transactions usinz a perpetual invantory system. (List all debit entries before credit entries. Credit account titles are automutically indented when amount is entered. Date Account Titles and Explanation Debit Credit (To record crebit sale) (To record cost of merchandise sold) (To reciord cash sale) (To record cost of merchandise retumed) (To record cresit sale) (To record cost of merchandise sold) Enter the besinning cash and capital balances and post the trarcactions. (Post entries in the order of journal entries presented in the previous par) Sales Revente Date Explanation Ref. J1 J1 J1 Debit Sales Returns and Allewances Date Explanation Ref. ]1 Credit No. 401 Balance No. 412 Credit Balance No. 414 Explanation Ref. J1 Debit Explanation Ref. ]1 J1 J1 J1 Credit Credit Balance Balance No. 505 Debit (c) Prepare a multiple-step income statement through gross profit for the month of May 2022 . (Use theledgar bal ances from part b and assume that no adjustm ORIOLE HARDWARE STORE Income Statement (Partial) $ 5 5

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