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Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Pipers ledger showed Cash $8,000; Accounts Receivable $2,400; Inventory $4,000; Common Shares $8,800; and Retained Earnings $5,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system.

Record the May transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

May	1		Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,840, terms 1/10, n/30, FOB shipping point.
	3		Freight charges of $152 were paid by the appropriate party on the merchandise purchased on May 1.
	4		Sold merchandise on account to Yip Company for $4,000, terms n/30, FOB destination. The cost of the merchandise was $2,900.
	7		Freight charges of $96 were paid by the appropriate party on the May 4 sale.
	8		Received a $140 credit from Depot Wholesale Supply when merchandise was returned.
	9		Paid Depot Wholesale Supply in full.
	11		Purchased supplies for $440 cash.
	14		Received payment in full from Yip Company for merchandise sold on account on May 4.
	15		Collected $1,040 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30.
	18		Purchased merchandise from Harlow Distributors Inc. for $2,800, terms n/30, FOB destination.
	21		Freight of $52 was paid by the appropriate party on the May 18 purchase of merchandise.
	22		Sold merchandise to various customers for $7,600 cash. The cost of the merchandise was $4,300.
	29		Paid a $104 cash refund to customers for returned merchandise. The cost of the returned merchandise was $60. It was restored to inventory.
	31		A physical inventory count was taken and determined that there was $5,280 of inventory on hand. Prepare any adjustment required.

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