Pronghorn Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Pronghorn's ledger showed Cash of $7.900 and Common Shares of $7.900. May 1 2 5 9 10 11 12 15 Purchased merchandise on account from Hilton Wholesale Supply for $7,900, terms 2/10, 1/30. Sold merchandise on account for $4,400, terms 3/10,n/30. The cost of the merchandise sold was $3,520. Received credit from Hilton Wholesale Supply for merchandise returned $200. Received collections in full, less discounts, from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $950. Purchased merchandise for cash $2.720. Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,600. terms 2/10,n/30. Paid freight on May 17 purchase $250. Sold merchandise for cash $5,760. The cost of the merchandise sold was $3.630. Purchased merchandise from Toolware Inc. for $840, terms 3/10,n/30. Paid Northern Distributors in full, less discount Made refunds to cash customers for returned merchandise $130. The returned merchandise was returned to inventory and had cost $90. Sold merchandise on account for $1,210, terms n/30. The cost of the merchandise sold was $880. 17 19 24 25 27 29 31 Pronghorn Hardware uses a perpetual inventory system. (b) Post the transactions to accounts. (Post entries in the order of journal entries presented in the question.) Cash 7900 5/1 > 5/10 > 7546 5/9 5/11 950 5/15 5/12 5/19 V 5/27 5/24 5/27 V 5/31 5/31 Bal. Supplies 5/11 950 5/31 Bal 950 Accounts Payable 200 5/1 5/5