Problem 5-1A (Part Level Submission)

Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $10,400and Common Stock of $10,400.

May 1Purchased merchandise on account from Black Wholesale Supply for $8,050, terms 1/10, n/30.2Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300.5Received credit from Black Wholesale Supply for merchandise returned $350.9Received collections in full, less discounts, from customers billed on May 2.10Paid Black Wholesale Supply in full, less discount.11Purchased supplies for cash $1,170.12Purchased merchandise for cash $4,030.15Received $299 refund for return of poor-quality merchandise from supplier on cash purchase.17Purchased merchandise from Wilhelm Distributors for $2,350, terms 2/10, n/30.19Paid freight on May 17 purchase $325.24Sold merchandise for cash $7,150. The cost of the merchandise sold was $5,330.25Purchased merchandise from Clasps Inc. for $1,040, terms 3/10, n/30.27Paid Wilhelm Distributors in full, less discount.29Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $91.31Sold merchandise on account for $1,664, terms n/30. The cost of the merchandise sold was $1,079.

Journalize the transactions using a perpetual inventory system.