Monty Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Monty's ledger showed Cash of $7,800 and Common Shares of $7,800. May 1 Purchased merchandise on account from Hilton Wholesale Supply for $7,800, terms 2/10./30. 2 Sold merchandise on account for $4,700, terms 3/10, 1/30. The cost of the merchandise sold was $3,330. 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 $910. 12 Purchased merchandise for cash $2,460, 15 Received $210 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,500, terms 2/10, 1/30. 19 Paid freight on May 17 purchase $220. 24 Sold merchandise for cash $5,280. The cost of the merchandise sold was $4,420. 25 Purchased merchandise from Toolware Inc. for $790, terms 3/10, 1/30. 27 Paid Northern Distributors in full, less discount, 29 Made refunds to cash customers for returned merchandise $130. The returned merchandise was returned to inventory and had cost $80. 31 Sold merchandise on account for $1,380, terms 1/30. The cost of the merchandise sold was $890, Post the transactions to T accounts. (Post entries in the order of journal entries presented in the question.) Cash 4) Accounts Receivable Inventory 4 Supplies Accounts Payable Common Shares Sales Sales Returns and Allowances . Sales Discounts Cost of Goods Sold >