Ivanhoe Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May. Ivanhoes' ledger showed Cash of $7,300 and Common Stock of $7,300. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Black Wholesale Supply for $7,300, terms 1/10,n/30. Sold merchandise on account for $3,700, terms 2/10, n/30. The cost of the merchandise sold was $2,600. 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 $2,400. Received $230 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise from Wilhelm Distributors for $1,800, terms 2/10, 1/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100 Purchased merchandise from Clasps Inc. for $800, terms 3/10,n/30. Paid Wilhelm Distributors in full, less discount Made refunds to cash customers for returned merchandise $118. The returned merchandise had cost $86. Sold merchandise on account for $1.280, terms n/30. The cost of the merchandise sold was $905. 17 19 24 25 27 29 31 a) stion 3 of 3