Marigold Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Marigold's ledger showed Cash of $8,200 and Common Shares of $8,200. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,200, terms 2/10, n/30. 2 Sold merchandise on account for $4,700, terms 3/10, n/30. The cost of the merchandise sold was $3,480. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $870. 12 Purchased merchandise for cash $2,630. 15 Received $260 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,300, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,560. The cost of the merchandise sold was $3,970. 25 Purchased merchandise from Toolware Inc. for $720, 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 was returned to inventory and had cost $100. 31 Sold merchandise on account for $1,400, terms n/30. The cost of the merchandise sold was $750. Marigold Hardware uses a perpetual inventory system. MARIGOLD HARDWARE STORE INC. Income Statement (Partial) Month Ended May 31, 2018 Sales revenues Sales $ $