Problem 5-2A TROC IOR FULL SCREEN PRINTER VERSION BACK Kingbird, Inc. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Kingbird, Inc. showed Cash of $4,500 and Commo Stock of $4,500 May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,100, terms 2/10, n/30. 2 Sold merchandise on account $1,800, terms 1/10, n/30. The cost of the merchandise sold was $1,100. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers bi 10 Paid Gray's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350. 12 Purchased merchandise for cash $1,300. lled on sales of $1,800 on May 2. 15 Received refund for poor quality merchandise from supplier on cash purchase $200. 17 Purchased merchandise from Amland Distributors $1,200, FOB shipping point, terms 2/10, n/30 19 Paid freight on May 17 purchase $140 24 Sold merchandise for cash $3,300. The merchandise sold had a cost of $2/100. 25 Purchased merchandise on account from Horvath, Inc. $700. FOB destination. terms 2/10 /30 27 Paid Amland Distributors in full, less discount. 9 Made refunds to cash customers for defective merchandise s60. The retumed merchandise had a fair value of s30. 31 Sold merchndise on account $1,000, terms n/30. The cost of the merchandise sold was $500 Ccounts Receivable: N/420 tnventory, No. 126 Supplies, No. 201 Accounts Kingbird, Inc. 's chart of accounts includes the foliowing: No. 10i Cash. No 112A and No. mmon Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances No 1 Sles ene suotielity indented iwhen amount is entered. Do not indent manually t ournalize the transactions using a perpetual inventory system, Credit accoune titles are entry is required, select "No Entry for the account litles and eoter on tor the amouhts Becord fournal entries in the order presented in the 1208 AM