Swifty Hardware Store Inc.completed the following merchandising transactions in the month of May 2018. At the beginning of May. Swifty's ledger showed Cash of $7.200 and Common Shares of $7.200. May Purchased merchandise on account from Hilton Wholesale Supply for $7,200, terms 2/10, 1/30. 1 2 Sold merchandise on account for $4,300, terms 3/10, 1/30. The cost of the merchandise sold was $2.980. 5 Received credit from Hilton Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $860. 12 Purchased merchandise for cash $2.440. 15 Received $250 refund for return of poor quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2.400, terms 2/10,n/30 19 Paid freighton May 17 purchase $260. 24 Sold merchandise for cash $5,620. The cost of the merchandise sold was $3,810. 25 Purchased merchandise from Toolware Inc. for $870, terms 3/10.30. 27 Paid Northern Distributors in full, less discount Made refunds to cash customers for returned merchandise $110. The returned merchandise was returned to inventory 29 and had cost $80 31 Sold merchandise on account for $1.170, terms n/30. The cost of the merchandise sold was $850. Swifty Hardware uses a perpetual inventory system