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Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Wildhorse showed Cash of $4,500, Inventory of $7,300 and Owner's Capital of $11,800 May 2 Sold merchandise on account $2,100, terms 1/10, ry 30 . The cost of the merchandise sold was $1,300. 9 Received collections in full tess diccounts, from customers billed on sales of $2,100 on Mm.2. 24 Sold merchandise for cish $3,500. The merchandise sold had a cost of $2,100. 29 Made refunds to cash customers for defective merchandise \$70. The returned merchandise had a fair value of $20. 31. Sold merchandien on account $1000 terms n/30 The cost of the merchandise sold was $600 Wildhorse Hardware's chart of accounts includes the following Na. 101 Cash, No, 112 Accounts Receivable, Na. 120 inventory, No 301 Owner's Cipital, No, 401 Sales Revenue, No, 412 Sales Returns and Allowances, Na 414 Sales Discounts, and No. 505 Cost of Goods soid: May24 Cost of Goods Sold Iiventory (To record cash sale) Mar24: Contol coodesold Accounts Receivabie (To record cost of merchandise sold) Mar29 coth (To record merchandise returned) Mar20 6 minction Coctaic Cootisitd (To record cost of meichandise returned) Journalize the transactions using a porpetual inventory system. (Credit account tities ore outomotically indented when amount is entered. Do not indent monually, Record journal entries in the order presented in the problem.) May29 Cotict Goods scld (To record cost of merchandise returned) May31 : Accounts Restivable sales fermue (To record credit sale) May31 : Coit of Goods sold Insintor (To record cost of merchandise sold)

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