Sarasota Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Sarasota's ledger showed Cash of $7.700 and Common Shares of $7,700. Purchased merchandise on account from Hilton Wholesale Supply for $7,700, terms 2/10, n/30. Sold merchandise on account for $4,500, terms 3/10, n/30. The cost of the merchandise sold was $3,490. May 1 2 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 10 Paid Hilton Wholesale Supply in full, less discount. 11 Received collections in full, less discounts, from customers billed on May 2. Purchased supplies for cash $990. 12 Purchased merchandise for cash $2,910. 15 17 19 24 572222 25 29 31 Received $230 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 $230. Sold merchandise for cash $5.390. The cost of the merchandise sold was $4,370. Purchased merchandise from Toolware Inc. for $850, 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 $80. Sold merchandise on account for $1.250, terms n/30. The cost of the merchandise sold was $810. Sarasota Hardware uses a perpetual inventory system.