View Policies !!! Current Attempt in Progress Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $6,400; Accounts Receivable $1,600; Inventory $3,200: Common Shares $7,200; and Retained Earnings $4,000. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 34 7 8 9 11 14 15 18 21 ype here to search Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,040, terms 1/10, 1/30, FOB shipping point. Freight charges of $128 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,200, terms n/30, FOB destination. The cost of the merchandise was $2,100. Freight charges of $80 were paid by the appropriate party on the May 4 sale. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $360 cash Received payment in full from Yip Company for merchandise sold on account on May 4, Collected $880 of the accounts receivable outstanding at the beginning of the month All accounts were originally sold on terms of n/30 Purchased merchandise from Harlow Distributors Inc. for $2.000. terms n/30, FOB destination Freight of 544 was paid by the appropriate party on the May 18 purchase of merchandise. DELL 1519 ENG 02-01-2021