Current Attempt in Progress Kingbird Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Kingbird showed Cash of $7,900 and Common Stock of $8,400. May 1 2 Purchased merchandise on account from Black Wholesale Supply for $8,800, terms 1/10, n/30. Sold merchandise on account $5,000, terms 2/10, n/30. The cost of the merchandise sold was $3,200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $800. 12 12 Purchased merchandise for cash $3,400. 15 Received $210 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30, FOB shipping point. 19 Paid freight on May 17 purchase $260.