Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Wildhorses’ ledger showed Cash of $9,200 and Common Stock of $9,200. May
1 Purchased merchandise on account from Black Wholesale Supply for $9,200, terms 1/10, n/30.
2 Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,500.
5 Received credit from Black Wholesale Supply for merchandise returned $200.
9 Received collections in full, less discounts, from customers billed on May 2.
10 Paid Black Wholesale Supply in full, less discount.
11 Purchased supplies for cash $900.
12 Purchased merchandise for cash $4,200.
15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase.
17 Purchased merchandise from Wilhelm Distributors for $3,600, terms 2/10, n/30.
19 Paid freight on May 17 purchase $250.
24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100.
25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, n/30.
27 Paid Wilhelm Distributors in full, less discount.
29 Made refunds to cash customers for returned merchandise $88. The returned merchandise had cost $100.
31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $894.

Required:
Journalize the transactions using a perpetual inventory system.