Ayayai Hardware Store Inc. completed the following merchandising transactions in the month of May 2025. At the beginning of May, Ayayai's ledger showed Cash of $10,200 and Common Shares of $10,200. May 1 Purchased merchandise on account from Hilton Wholesale Supply for \$10,200, terms 2/10, n/30. 2 Sold merchandise on account for $5,400, terms n/30. The cost of the merchandise sold was $4,500. 5 Received credit from Hilton Wholesale Supply for merchandise returned \$350. 9 Received collections in full from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $1,080. 12 Purchased merchandise for cash $3,150. 15 Received $390 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,950, terms 2/10, n/30. 19 Paid freight on May 17 purchase $390. 24 Sold merchandise for cash $6,200. The cost of the merchandise sold was $4,600. 25 Purchased merchandise from Toolware Inc. for $980, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $138. The returned merchandise was returned to inventory and had cost $110. 31 Sold merchandise on account for $1,400, terms n/30. The cost of the merchandise sold was $900. Ayayai Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales