2. BigW Store completed the following merchandising transactions in the month of July maintaining credit terms 3/10, n/20. At the beginning of July, the ledger of BigW showed cash of $10000 and owner's capital of $10000. July 1 Purchased merchandise on account from Coles Wholesale Store $3700, FOB destination, terms 2/10, n/30. The appropriate party also made cash payment of $60 for the freight on this date. July 5 Sold merchandise on account $6200, terms 1/15, n/30, FOB Shipping Point to Rainbow Company. The cost of the merchandise sold was $5100. Freight of $80 was paid by the appropriate party on this date. July 7 Received credit from Coles Wholesale Store for merchandise returned $450. July 12 Paid Coles Wholesale Store in full. July 15 Purchased merchandise on account from Harvest Meat Company $2800, FOB Shipping Point, terms 1/10, n/30. The appropriate party also made cash payment of $100 for the freight on this date. July 17 received payments from Rainbow Company. Instructions Journalize the transactions using a periodic inventory system. (6*2=12)