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, Inventory of $7,900 and Owner's Capital of $12,400. May 2 Sold merchandise on account $2,300, terms 1/10,n/30. The cost of the merchandise sold was $1,600. 9 Received collections in full, less discounts, from customers billed on sales of $2,300 on May 2 . 24 Sold merchandise for cash $3,100. The merchandise sold had a cost of $2,200. 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 Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, 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 Goods Sold. Owner's Capital No. 301 Sales Revenue