Holiday Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of July, the following merchandising transactions occurred.
July 1 Purchased suitcases on account for $2,700 from Satchel Manufacturers, terms 2/15, n/30.
3 Sold suitcases on account to Triptik for $2,900. The cost of the merchandise sold was $1,800.
9 Paid Satchel Manufacturers in full.
12 Received payment in full from Triptik.
17 Sold suitcases on account to PassPort for $2,000. The cost of the merchandise sold was $1,200.
18 Purchased suitcases on account for $2,200 (including freight) from Steamer Manufacturers, terms 1/10, n/30.
20 Received $300 credit for suitcases returned to Steamer Manufacturers.
21 Received payment in full from PassPort.
22 Sold suitcases on account to Carry On for $3,120. The cost of the merchandise sold was $1,800.
30 Paid Steamer Manufacturers in full.
31 Granted Carry On $310 credit for suitcases returned costing $170.
Instructions
Journalize the transactions for the month of July for Holiday Warehouse, using a perpetual inventory system.