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Super Heroes has provided you with the following transactions for the month of May 2021....

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Accounting

Super Heroes has provided you with the following transactions for the month of May 2021.

May 3 Made a cash sale of $10,400. The cost of goods sold for this transaction was $6,240. May 5 Purchased goods from Subtle Products on account for $14,100 with terms of 5/10, net 45. May 7 A customer returned $1,400 of goods purchased on account. The cost of goods sold for the returned inventory is $840. May 14 Paid up amount owing to Subtle Products from May 5 purchase. May 17 Sold $96,100, of products to Navid Store on account, terms 4/10, net 30; cost of goods sold was $38,440 for this transaction. May 23 Customer from May 17 purchase paid their amount owing. May 26 Purchased $202,900 of inventory on account from Shades Wholesalers, FOB shipping point, terms 2/10, net 30. May 27 A portion of the inventory purchased from Shades Wholesalers had inferior quality. Super Heroes returned $20,290 worth of inventory to the Shades Wholesalers.

Required Prepare the journal entries to record the above transactions. Assume the company uses the perpetual inventory system.

For transactions that have 2 debits or 2 credits, enter the accounts in alphabetical order.

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