Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $5,000 and Common Stock of $5,000 May 1 Purchased merchandise on account from Gray's Wholesale Supply $4.200, terms 2/10, nV30. 2 Sold merchandise on account $2,100, terms 1/10, nV30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned s300. 9 Received collections in full, less discounts, from customers billed on sales of $2,100 on May 2. 10 paid Gray's Wholesale Supply in full, less discount. 11 Purchased supplies for cash $400, 12 Purchased merchandise for cash $1,400. 15 Received refund for poor quality merchandise from supplier on cash purchase $150. 17 Purchased merchandise from Amland Distributors $1,300, FOB shipping point, terms 2/10, n/30. 19 Paid freight on May 17 purchase $130. 24 Sold merchandise for cash $3200. The merchandise sold had a cost of s2,000. 25 Purchased merchandise from Horvath, Inc. $620, FOB destination, terms 2/10, n/30. 27 paid Amland Distributors in full, less discount. 29 Made refunds to cash customers for defective merchandise $70. The returned merchandise had a fair value of $30 31 Sold merchandise on account $1,000, terms n/30. The cost ofthe merchandise sold was $560. Latona Hardware's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126 Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, and No. 505 Cost of Goods Sold