Concord Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May. Concord's ledger showed Cash of $7.800 and Common Shares of $7.800. May Purchased merchandise on account from Hilton Wholesale Supply for $7.800, terms 2/10, n/30. 1. Sold merchandise on account for $4,400, terms 3/10, n/30. The cost of the merchandise sold was $3,210. Received credit from Hilton Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $2.880. 15 Received $220 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2.400, terms 2/10. n/30. 19 Paid freight on May 17 purchase $260. 24 Sold merchandise for cash $5,410. The cost of the merchandise sold was $4,070. 25 Purchased merchandise from Toolware Inc. for $780, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory 29 and had cost $90. 31 Sold merchandise on account for $1,150, terms n/30. The cost of the merchandise sold was $920. 9. Prepare an income statement through gross profit for the month of May 2018. CONCORD HARDWARE STORE INC. Income Statement (Partial) Month Ended May 31, 2018 Sales revenues Sales Less Sales Discounts Sales Cost of goods avalable for sale Income Tax Expense Sales revenues