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part (b)

Novak Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Novak's ledger showed Cash of $8,100 and Common Shares of $8,100. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Hilton Wholesale Supply for $8,100, terms 2/10,n/30. Sold merchandise on account for $4,000, terms n/30. The cost of the merchandise sold was $3,570. Received credit from Hilton Wholesale Supply for merchandise returned $200. Received collections in full from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $810. Purchased merchandise for cash $2,940. Received $210 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2.500, terms 2/10, 1/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $6,000. The cost of the merchandise sold was $3,630. Purchased merchandise from Toolware Inc. for $750, terms 3/10,n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchand.se $130. The returned merchandise had cost $90. Sold merchandise on account for $1,300, terms n/30. The cost of the merchandise sold was $770. 17 19 24 25 27 29 31 Novak Hardware uses a periodic Inventory system and expects a return rate of 3% on all sales. stion 3 of 5 0.627 all debit entries before credit entries.) Date Debit Account Titles and Explanation Purchases May 1 8100 Accounts Payable May 2 Accounts Receivable 4000 May 5 4 Accounts Payable 200 May 9, Cash 4000 Accounts Receivable May 10 4 Accounts Payable 7900 Cash May 11 4 Supplies Cash May 12 4 Purchases 2940 Cash May 15 4 Cash 210 Purchase Returns and Allowances May 17 4 Purchases 2500 Accounts Payable May 19 Freight in 250 Cash tries before credit entries.) d Explanation Debit Credit 8100 le 8100 ble 4000 200 200 4000 vable 4000 7900 2742 2940 2940 210 rns and Allowances 210 2500 able 2500 250 250 Cash May 12 Purchases 2940 Cash May 15 4 Cash 210 Purchase Returns and Allowances May 17 Purchases 2500 Accounts Payable May 194 Freight in 250 Cash May 24 4 Cash 6000 May 25 4 Purchases 750 Accounts Payable Accounts Payable May 27 Cash Purchase Discounts May 29 - 130 Cash May 31 2 Accounts Receivable 1300 e Textbook and Media Assistance Used Solution List of Accounts Attempts: 15 of 15 used 2940 2940 210 Allowances 210 2500 2500 250 250 6000 750 750 130 130 1300 (b) Post the transactions to Taccounts.(Post entries in the order of journal entries presented in the question.) Cash e Accounts Receivable Supplies . Accounts Payable Refund Liability 2 Common Shares Common Shares Sales Purchases Purchase Returns and Allowances 4 Purchase Discounts + Freight in

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