Rain Hardware Store completed the following merchandising transactions in the month of August. At the beginning of August, the ledger of Rain showed Cash of $5,000 and Owner's Capital of $5,000. Date Transactions August 1 August 3 August 5 Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10,n/30. Paid freight on purchase of inventory amounting to $130. Received credit from Braun's Wholesale Supply for merchandise returned $300. August 9 August 12 Paid Braun's Wholesale Supply in full, less discount. Purchased merchandise for cash $1,400. Received refund for poor quality merchandise from supplier on cash purchase $150. August 13 August 18 Sold merchandise on account $3,200 terms 1/10,n/30. The merchandise sold had a cost of $2,000. August 20 Made refunds to customers for defective merchandise $100. The returned merchandise had a fair value of $50. August 26 Received collection in full from customers billed on August 18 REQUIRED: Journalize the transactions for the month of August using perpetual inventory system