Riverbed Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Riverbed's ledger showed Cash of $8,000 and Common Shares of $8,000. May 1 2 5 9 10 11 2222225 12 15 17 19 24 Purchased merchandise on account from Hilton Wholesale Supply for $8,000, terms 2/10, n/30. Sold merchandise on account for $4,400, terms 3/10, n/30. The cost of the merchandise sold was $3,340. Received credit from Hilton Wholesale Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on May 2. Paid Hilton Wholesale Supply in full, less discount. Purchased supplies for cash $930. Purchased merchandise for cash $2,500. Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. Purchased merchandise from Northern Distributors for $2,700, terms 2/10, n/30. Paid freight on May 17 purchase $260. Sold merchandise for cash $4,960. The cost of the merchandise sold was $3,700. Purchased merchandise from Toolware Inc. for $810, terms 3/10, n/30. Paid Northern Distributors in full, less discount. Made refunds to cash customers for returned merchandise $140. The returned merchandise was returned to inventory and had cost $90. 27 29 31 Sold merchandise on account for $1,290, terms n/30. The cost of the merchandise sold was $820. Riverbed Hardware uses a perpetual inventory system.