Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Cullumber showed Cash of $4,500 and Owners Capital of $4,500.

May 1		Purchased merchandise on account from Braun's Wholesale Supply $4,000, terms 2/10, n/30.
2		Sold merchandise on account $2,300, terms 1/10, n/30. The cost of the merchandise sold was $1,600.
5		Received credit from Braun's Wholesale Supply for merchandise returned $400.
9		Received collections in full, less discounts, from customers billed on sales of $2,300 on May 2.
10		Paid Braun's Wholesale Supply in full, less discount.
11		Purchased supplies for cash $300.
12		Purchased merchandise for cash $1,400.
15		Received refund for poor quality merchandise from supplier on cash purchase $200.
17		Purchased merchandise from Valley Distributors $1,300, FOB shipping point, terms 2/10, n/30.
19		Paid freight on May 17 purchase $150.
24		Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200.
25		Purchased merchandise on account from Lumley, Inc. $550, FOB destination, terms 2/10, n/30.
27		Paid Valley Distributors in full, less discount.
29		Made refunds to cash customers for defective merchandise $80. The returned merchandise had a fair value of $20.
31		Sold merchandise on account $1,000, terms n/30. The cost of the merchandise sold was $500.

Cullumber Hardwares chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 301 Owners Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold.

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.)