Instruction ; Prepare The May Transaction using A Periodic Inventory System

PROBLEM 2 The following transactions were completed during May by Megan Appliances. May 1 Purchased balls from Singh Co. $2500, terms 3/12, n/30 May 5 Paid freight on Outfield Co. purchase $120 May 9 Sold merchandise to members $3,00, terms n/30 May 10 Received credit of $150 from Outfield Co. For a ball that was returned May 12 Purchased basketball shoes from MG Sports for cash $820 May 15 Paid Singh Co. In full May 17 Purchased sofas and shorts from SA Station $860, terms 2/15, n/6 May 18 Paid freight on SA Station purchased $65 May 22 Sold appliances to members $1,500, terms n/30 May 25 Received $870 in cash from members in settlement of their account May 28 Paid SA Station in full May 31 Granted an allowance of $578 to members for basketball clothing that did not fit properly Instructions Prepare the May Transactions using a periodic inventory system