Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Crane showed Cash of $5.500 and Owner's Capital of $5.500 May 1 Purchased merchandise on account from Braun's Wholesale Supply for $4,200, terms 2/10, n/30 2 5 9 Received collections in full, less discounts, from customers billed on May 2 Sold merchandise on account $1,600, terms 1/10, n/30. The cost of the merchandise sold was $1.200. Received credit from Braun's Wholesale Supply for merchandise returned $400. 10 Paid Braun's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $350 12 Purchased merchandise for cash $1.500. 15 Received $150 refund for return of poor-quality merchandise from supplier on cash purchase. 17 19 Purchased merchandise on account from Valley Distributors for $1,400, terms 2/10, n/30.FOB shipping point Paid freight on May 17 purchase $170. 24 Sold merchandise for cash $2,900. The merchandise sold had a cost of $1.800. 25 Purchased merchandise on account from Lumley, Inc. for $600, terms 2/10, n/30. 27 29 31 Paid Valley Distributors in full, less discount Made refunds to cash customers for returned merchandise $70. The returned merchandisecost $30. Sold merchandise on account for $1,500 terms n/30. The cost of the merchandise sold was $500