Martinez Hardware Store Inc. completed the following merchandising transactions in the month of May 2022. At the beginning of May, Martinez's ledger showed Cash of $8,400 and Common Shares of $8,400. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8.400, terms 2/10, n/30. 2 Sold merchandise on account for $4,500, terms n/30. The cost of the merchandise sold was $3,600. 5 Received credit from Hilton Wholesale Supply for merchandise returned $260. 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 $900. 12 Purchased merchandise for cash $2,700. 15 Received $300 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,500, terms 2/10, n/30. 19 Paid freight on May 17 purchase $300. 24 Sold merchandise for cash $5,300. The cost of the merchandise sold was $4,200. 25 Purchased merchandise from Toolware Inc. for $800, terms 3/10, n/30. 27 29 Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $120. The returned merchandise was returned to inventory and had cost $92. 31 Sold merchandise on account for $1,200, terms n/30. The cost of the merchandise sold was $900. Martinez Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales.