Chen Hardware Store completed the following merchandising transactions in the month of May 20X7. Chen uses a perpetual inventory system. May 6. May 7 May 8 May 9 May 10 May 11 May 15 May 27 May 29 Received merchandise purchased from Black & Decker Limited for $5,400, FOB shipping point terms 1/45, n/60. The correct company paid $150 cash freight for above shipment. Sold merchandise on account to Brown Manufacturing for $6,000 FOB destination. Terms 2/30, n/40 This merchandise had cost Chen $3,800. Paid freight charges of $80 on May 8 sale. Granted a credit to Brown Manufacturing for shipment of the wrong merchandise. The selling price was $200 and the cost to Chen was $160. The merchandise was returned to inventory. Received credit from Black & Decker Limited for merchandise returned $300. Purchased Office Supplies with $900 cash, Paid Black & Decker the balance due from the transactions above. Received collection on account in full from Brown Manufacturing from the transactions above.