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Riverbed Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May. Riverbed's ledger showed Cash of $8,000 and Common Shares of $8,000 May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8.000, terms 2/10,n/30 2. Sold merchandise on account for $4,400, terms n/30. The cost of the merchandise sold was $3,340. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $930. 12 Purchased merchandise for cash $2,500. 15 Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. 17. Purchased merchandise from Northern Distributors for $2,700, terms 2/10,n/30. 19 Paid freight on May 17 purchase $260. 24 Sold merchandise for cash $5,000. The cost of the merchandise sold was $3,700. 25 Purchased merchandise from Toolware inc. for $810, terms 3/10,n/30. 27 Paid Northern Distributors in full, less discount. 29. Made refunds to cash customers for returned merchandise $140. The returned merchandise had cost $90. 31. Sold merchandise on account for $1,400, term 5n/30. The cost of the merchandise sold was $820. Riverbed Hardware uses a periodic inventory system and expects a return rate of 3% on all sales. \begin{tabular}{l} Date \\ Aay 18 \\ \hline \end{tabular} Account Titles and Explanation Debit Credit Inventory Accounts Piyable 1ay 2 Accounts Receivable \begin{tabular}{|} 4,400 \\ \hline \end{tabular} Sales ans v Accounts Payable Ieventory Cash 4260 Accounts Preceivable Aar10% Accounts Payablo Inventory Cash Aory 11 Supplies Cash Aay 12 Inventory 2500 4 15 Cash \begin{tabular}{|r|} \hline 250 \\ \hline \end{tabular} Imentory Aay 17. Imentory \begin{tabular}{|r|} \hline 2700 \\ \hline \end{tabular} 250 \begin{tabular}{|l|l|} \hline Accounts Pavible & \\ \hline lewentory & \\ \hline Cinh & \\ \hline \end{tabular} Aay 25% liventory Accounts Payable. 4x+27 Accounts Payable Inventory Cash Inventory Carh 1sin31= Accounts Recemblio 1290