Winters hardware store completed the following merchandising transactions in the month of may. at the beginning of may, winterss’ ledger showed cash of $8,000 and common stock of $8,000. may 1 purchased merchandise on account from black wholesale supply for $8,000, terms 1/10, n/30. 2 sold merchandise on account for $4,400, terms 2/10, n/30. the cost of the merchandise sold was $3,300. 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 $3,100. 15 received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 purchased merchandise from wilhelm distributors for $2,500, 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 $124. the returned merchandise had cost $90. 31 sold merchandise on account for $1,280, terms n/30. the cost of the merchandise sold was $830. journalize the transactions using a perpetual inventory system

Astudent was asked to draw a demand and supply graph to illustrate the effect on the market for premium bottled water of a fall in the price of electrolyteselectrolytes used in some brands of premium bottled​ water, holding everything else constant. she drew the graph to the right and explained it as​ follows: ​"electrolyteselectrolytes are an input to some brands of premium bottled​ water, so a fall in the price of electrolyteselectrolytes will cause the supply curve for premium bottled water to shift to the right​ (from upper s 1s1 to upper s 2 right parenthesis .s2). because this shift in the supply curve results in a lower price left parenthesis upper p 2 right parenthesis commap2, consumers will want to buy more premium bottled water and the demand curve will shift to the right​ (from upper d 1d1 to upper d 2 right parenthesis .d2). we know that more premium bottled water will be​ sold, but we​ can't be sure whether the price of premium bottled water will rise or fall. that depends on whether the supply curve or the demand curve has shifted farther to the right. i assume that the effect on supply is greater than the effect on​ demand, so i show the final equilibrium price left parenthesis upper p 3 right parenthesisp3 as being lower than the initial equilibrium price left parenthesis upper p 1 right parenthesis .p1.​" where is the flaw in the​ student's argument? supply will shift inward. demand will not shift. demand will shift inward.