Current Attempt in Progress Pharoah's Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10,n/30 to all of its customers. At the end of May, Pharoah's inventory consisted of books purchased for $ 1,700. During June, the following merchandising transactions occurred. June 3 Sold books on account to Reading Rainbow for $2.900. The cost of the books sold was $ 1,700. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,100. The cost of the books sold was $ 1,260. 24 Received payment in full from Rapp Books. 28 Sold books on account to Baeten Bookstore for $ 1.000. The cost of the books sold was $ 970. 30 Granted Baeten Bookstore $ 120 credit for books returned costing $72. Journalize the transactions for the month of June for Pharoah's Book Warehouse using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record credit sale) (To record cost of merchandise sold) (To record credit sale) (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) I (To record cost of merchandise returned) e Textbook and Media Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Sandhill showed Cash of $5,000, Inventory of $7,000 and Owner's Capital of $12,000. May 2 Sold merchandise on account $1,900, terms 1/10,n/30. The cost of the merchandise sold was $1,000. 9 Received collections in full, less discounts, from customers billed on sales of $1,900 on May 2. 24 Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,300. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $20. 31 Sold merchandise on account $1,000 terms n/30. The cost of the merchandise sold was $600. Sandhill Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold. Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) !! (To record cost of merchandise sold) (To record cash sale) (To record cost of merchandise sold) (To record merchandise returned) (To record merchandise returned) (To record cost of merchandise returned) I (To record credit sale) (To record cost of merchandise sold) Teythonk and Media Date Explanation Ref. Debit Credit Balance Balance 31 J1 J1 Accounts Receivable No. 112 Date Explanation Ref. Debit Credit Balance J1 I J1 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance Balance 7 J1 J1 31 J1 Inventory No. 120 Date Explanation Ref. Debit Credit Balance Balance 11 01 J1 J1 Owner's Capital No. 301 Date Explanation Ref. Debit Credit Balance Balance Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance J1 J1 J1 Sales Returns and Allowances No. 412 J1 Sales Discounts No. 414 Date Explanation Ref. Debit Credit Balance 11 Cost of Goods Sold No. 505 Date Explanation Ref. Debit Credit Balance J1 J1 J1 31 I e Textbook and Media List of Accounts Prepare an income statement through gross profit for the month of May 2022. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses e g.(45).) Prepare an income statement through gross profit for the month of May 2022. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45)) SANDHILL HARDWARE STORE Income Statement (Partial) $ $ e Textbook and Media List of Accounts