Whispering Winds Hardware Store Inc. completed the following merchandising transactions in the month of May 2018. At the beginning of May, Whispering Winds's ledger showed Cash of $8,200 and Common Shares of $8,200. May Purchased merchandise on account from Hilton Wholesale Supply for $8,200, terms 2/10, n/30. 1 2 Sold merchandise on account for $4,600, terms 3/10, n/30. The cost of the merchandise sold was $3,000. 5 Received credit from Hilton Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts, from customers billed on May 2. 10 10 Paid Hilton Wholesale Supply in full, less discount. 11 Purchased supplies for cash $890. 12 Purchased merchandise for cash $2,940. 25 15 Received $250 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Northern Distributors for $2,600, terms 2/10, n/30. 19 Paid freight on May 17 purchase $280. 24 Sold merchandise for cash $5,150. The cost of the merchandise sold was $4,330. 25 Purchased merchandise from Toolware Inc. for $760, terms 3/10, n/30. 27 Paid Northern Distributors in full, less discount. 29 31 Made refunds to cash customers for returned merchandise $110. The returned merchandise was returned to inventory and had cost $90. Sold merchandise on account for $1,330, terms n/30. The cost of the merchandise sold was $850. Whispering Winds Hardware uses a perpetual inventory system.