Question - Journalize the transactions using a perpetual inventory system.

Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters ledger showed Cash of $8,000 and Common Stock of $8,000.

May 1 Purchased merchandise on account from Black Wholesale Supply for $3,000, terms 1/10, n/30.

May 2 Sold merchandise on account for $4,400, terms HID, mill). The cost ofdie merchandise sold was $3,300.

May 5 Received credit from Black Wholesale Supply for merchandise returned $200.

May 9 Received collections in full, ll- discounts, ?'om customers billed on May 2.

May 10 Paid Black Wholesale Supply in full, less discount.

May  11 Purchased supplies for cash $900.

May 12 Purchased merchandise for cash $3,100.

May 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.

May 17 Purchased merchandise from Wilhelm Distributors for $2,500, terms 2/10, n/30.

May 19 Paid freight on May 17 purchase $250.

May 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.

May 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.

May 27 Paid Wilhelm Distributors in full less discount

May 29 Made refunds to cash customers for returned merchandise $124. The returned merchandise had cost $90.

May 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $830.

Winters Hardware's chart accounts includes Cash, Accounts Receivable, Inventory, Supplies, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost Goods Sold.