Cullumber Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Cullumbers' ledger showed Cash of $ 8.400 and Common Stock of $ 8,400. May 1 2 5 9 10 Purchased merchandise on account from Black Wholesale Supply for $8,400, terms 1/10, 1/30 Sold merchandise on account for $4,800, terms 2/10./30. The cost of the merchandise sold was $ 3,700. Received credit from Black Wholesale Supply for merchandise returned $ 200. Received collections in full less discounts, from customers billed on May 2. Paid Black Wholesale Supply in full, less discount Purchased supplies for cash $ 900. Purchased merchandise for cash $ 3.400 Received $ 230 refund for return of poor quality merchandise from supplier on cash purchase Purchased merchandise from Wilhelm Distributors for $2,800, terms 2/10,n/30 Paid freight on May 17 purchase $ 250, 11 12 15 12 19 24 Sold merchandise for cash $ 5.500. The cost of the merchandise sold was $4,100 25 27 Purchased merchandise from Clasps Inc for $ 800 terms 3/10,n/30 Paid Wahelm Distributors in toll, less discount Made refunds to cash customers for returned merchandise $ 118. The returned merchandise had cost $ 80 Sold merchandise on account for $1280, terms /30. The cost of the merchandise sold was S 830 29 31 Journalize the transactions using a perpetual inventory system.nechty mind select "No Entry for the account titles and enter for the amounts. Condit account tles are automatically inden wesentered. Do not indent manually. Recordjournal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit May 1 v Merchandise Inventory 8.400 Accounts Payable May 2 V Accounts Receivable 4.300 Sales (To record credit sale) Cost of Goods Sold 3.370 Merchandise Inventory 3 (To record cost of merchandise sold) May Accounts Payable 200 Merchandise Inventory May Cash 4171 Sales Discounts 129 Accounts Receivable May 10 Accounts Payable 8.400 Merchandise inventory Cash 8. May 11 Supplies 380 Cash May 12 Merchandise Inventory 2.430 Cash May 15 Cash 210 Merchandise Inventory May 17 Merchandise Inventory 2.400 Accounts Payable May 19 Merchandise Inventory 230 Cash May 24 7 Accounts Receivable 5.200 Sales Revenue (To record sales) Lu Cost of Goods sold 4240 Merchandise (To record cost of merchandise sold) May 25 Merchandic Inventory 920 Merchandise (To record cost of merchandise sold) May 25 Merchandise Inventory 870 Accounts Payable Accounts Payable 2400 May 27 Merchandise Inventory Cash 110 May 29 Sales Returns and Allowances Cash (To record payment for returned merchandise) 90 Merchandise Inventory Cost of Goods Sold (To record cost of goods returned) 1400 May 31 Accounts Receivable Sales Revenue (To record credit sale) 890 Cost of Goods Sold Merchandie Inventory To record cost of goods sold on account