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 $5,000, Inventory of $7,600 and Owner's Capital of $12,600. May 2 Sold merchandise on account $2,400, terms 1/10,n/30. The cost of the merchandiso sold was $1,400. 9 Received collections in full, less discounts, from customers billed on sales of $2,400onMay2. 24 Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,200. 29 Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $40. 31 Sold merchandise on account $1,500 terms n/30. The cost of the merchandise sold was $500. Crane Hardware's chart of accounts includes the following: Na. 101 Cash, No. 112 Accounts Recoivable. No. 120 inventory, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No, 505 Cost of Coods sold. (a) Journalize the transactions using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Record journal entries in the order presented in the problem.)