Monty Hardware Store inc completed the following merchandising transactions in the month of May 2022 . At the beginning of May. Monty's ledger showed Cash of $8,600 and Common Shares of $8,600. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $8,600, terms 2/10,n/30. 2. Sold merchandise on account for $4,600, terms n/30. The cost of the merchandise sold was $3,700. 5 Received credit from Hilton Wholesale Supply for merchandise returned $270. 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 $920. 12. Purchased merchandise for cash $2,750. 15 Received $310 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,550, terms 2/10,/30. 19 Paid freight on May 17 purchase $310. 24 Sold merchandise for cash $5,400. The cost of the merchandise sold was $4,300. 25 Purchased merchandise from Toolware Inc, for $820, terms 3/10,n/30. 27 Paid Northern Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $122. The returned merchandise was returned to inventory and had cost $94. 31 Sold merchandise on account for $1,100, terms n/30. The cost of the merchandise sold was $920. Monty Hardware uses a perpetual inventory system and expects a return rate of 3% on all sales. Record the bove transactions. I Trear occount vites are dutomaticairy incented wnen the amount is enterea. vo not inoent monuaily.II no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to the nearest whole dollar, eg. 5,775. Ust all debit entries before credit entries.) (Sale of merchandise on account) Accounts Payable Inventory (Cost of goods sold recorded) Mav 11 Mav 12 Inventory Cash May 10 Accounts Rayable Imventory Cast Cash Inventory Qirventory Accounts Pryable Mar 19 Itwentory Cash Mav 25 Iiventory Accounts Pryable