P5.1 ( LO 2,3,4,6), AP Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10,n/30. 2 Sold merchandise on account for $4,400, terms 2/10,n/30. The cost of the merchandise sold was $3,300. 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 $3,100. 15 Received \$230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise on account from Wilhelm Distributors for $2,500, terms 2/10,n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise on account from Clasps Inc. for $800, terms 3/10,n/30. 27 Paid Wilhelm Distributors in full, less discount. 29 Made refunds to cash customers for returned merchandise $92. The returned merchandise had cost $70. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $762. Winters Hardware's chart of accounts includes Cash, Accounts Receivable, Inventory, Supplies, Accounts Payable, Common Stock, Sales Revenue, Sales Returns and Allowances, Sales Discounts, and Cost of Goods Sold. Instructions a. Journalize the transactions using a perpetual inventory system