Walters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Water's ledger showed Cash of $11,864 and Common Stock of $11,864.

May 1 : Purchased merchandise on account from Hauke Wholesale Supply for $8,400, terms 1/10, n/30

May 2 : Sold merchandise on account for $6,200, terms 2/10, n/30. The cost of the merchandise sold was $4,650.

May 5 : Received credit from Hauke Wholesale Supply for merchandise returned $500.

May 9 : Received collections in full, less discounts, from customers billed on May 2.

May 10 : Paid Hauke Wholesale Supply in full, less discount.

May 11 : Purchased Supplies for cash $1,335

May 12 : Purchased merchandise for cash $4,597

May 15 : Received $341 refund for return of poor-quality merchandise from supplier on cash purchase.

May 17 : Purchased merchandise from Friedrich Distributors for $3,300, terms 2/10, n/30.

May 19 : Paid freight on May 17 purchase $371.

May 24 : Sold merchandise for cash $8,157. The cost of the merchandise sold was $6,080.

May 25 : Purchased merchandise from Fastners Inc. for $1,186, terms 3/10, n/30.

May 27 : Paid Friedrich Distributors in full, less discount.

May 29 : Made refunds to cash customers for returned merchandise $141. The returned merchandise had cost of $106.

May 31 : Sold merchandise on account for $1,898, terms n/30. The cost of the merchandise sold was $1,231.

Journalize the transactions using a perpetual inventory system.