-/10 View Policies Current Attempt in Progress Sunland Company commenced operations on July 1. Sunland Company uses a periodic inventory system. During July, Sunland Company was involved in the following transactions and events: July 2 Purchased $14,100 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. 4 Paid $540 of freight costs on July 2 shipment. 8 Sold merchandise for $2,300 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $6,300 on account, 1/10, n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Sunland did a physical count and determined there was $9,600 of inventory on hand. Record the transactions in Sunland Company's books. (Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (Purchase on account.) I (To record purchase return.) Debit Credit (To record purchase return.) (To record cash payment of freight.) (To record sales.) Question 3 of 5 July 25 (Payment on account.) (To record sales on account.) I (Collection on account.) eTextbook and Media List of Accounts What was Sunland' gross profit for July? Gross profit eTextbook and Media List of Accounts