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Kingbird Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Kingbird showed Cash

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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 S 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. Received credit from Black Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. 9 10 Paid Black Wholesale Supply in full, less discount. 14 11 Purchased supplies for cash $800. 12 15 12 Purchased merchandise for cash $3,400. 19 24 15 17 Received $210 refund for return of poor quality merchandise from supplier on cash purchase. Purchased merchandise on account from Wilhelm Distributors for $2,700, terms 2/10, n/30, FOB shipping point. Paid freight on May 17 purchase $260. Sold merchandise for cash $5,700. The merchandise sold had a cost of $4,400. 25 25 27 27 Purchased merchandise on account from Clasps, Inc. for $900, terms 3/10, n/30. 235 31 29 Paid Wilhelm Distributors in full, less discount. Made refunds to cash customers for returned merchandise $128. The returned merchandise cost $8. Sold merchandise on account for $1,200 terms n/30. The cost of the merchandise sold was $830..

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