Orioles Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Orioles ledger showed Cash of $8,600 and Common Stock of $8,600. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,600, terms 1/10, n/30. 2 Sold merchandise on account for $5,000, terms 2/10, n/30. The cost of the merchandise sold was $3,900. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash