27 Received payment in full from The Going Concern payment in full from Satchel World for all transactions Instructions (a) Is Travel Warehouse a retailer or a wholesaler? Explain. (b) Record the July transactions, (Record transactions to the nearest dollar.) (c) Set up a T account for the Inventory opening prepared in part (b), and determine the ending balance in the account. Determine the number of suitcases Travel Warehouse has on hand on July (d) account. Enter the opening balance, post the transactions related to inventory cases on July 31? (Hint: Divide the ending balance in the Inventory account number of suitcases on hand at July 31. Round you 31. What is the average cost of these suit- calculated in part (c) and divide it by the r answer to the nearest dollar.) ase and sales P5-3B Presented here are selected transactions for Shaoshi Inc. during October of perpetual inventory system. Oct. 1 Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms shipping point. 1 Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase 2 Returned for credit $4,000 of damaged goods purchased from Micron on October 1. 1/15, n/30, FOB 6 Purchased supplies for $2,800 cash. of merchandise 8 Sold the remaining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10, n/30, FOB destination. 9 Freight charges of $2,300 were paid by the appropriate party on the October 8 sale of merchandise. 10 Purchased equipment on account for $62,000. Guidant returned damaged merchandise that was purchased on October 8 for a $3,500 credit on 12 account. The merchandise originally cost $2.185 and was not restored to inventory. 15 Purchased merchandise for $36,300 cash. 17 Received the balance owing from Guidant. 28 Sold merchandise for $30,000 on account to Deux Lte, terms 2/10, n/30, FOB shipping poin The merchandise had a cost of $18,000 29 Freight charges of $750 were paid by the appropriate party on the October 28 sale 30 Paid Micron the balance owing. 31 Deux returned some of the merchandise that was purchased on October 28 for a $5.0 of merchandise account. The merchandise originally cost $3,000 and was restored to invent credit on 27 Received payment in full from The Going Concern payment in full from Satchel World for all transactions Instructions (a) Is Travel Warehouse a retailer or a wholesaler? Explain. (b) Record the July transactions, (Record transactions to the nearest dollar.) (c) Set up a T account for the Inventory opening prepared in part (b), and determine the ending balance in the account. Determine the number of suitcases Travel Warehouse has on hand on July (d) account. Enter the opening balance, post the transactions related to inventory cases on July 31? (Hint: Divide the ending balance in the Inventory account number of suitcases on hand at July 31. Round you 31. What is the average cost of these suit- calculated in part (c) and divide it by the r answer to the nearest dollar.) ase and sales P5-3B Presented here are selected transactions for Shaoshi Inc. during October of perpetual inventory system. Oct. 1 Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms shipping point. 1 Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase 2 Returned for credit $4,000 of damaged goods purchased from Micron on October 1. 1/15, n/30, FOB 6 Purchased supplies for $2,800 cash. of merchandise 8 Sold the remaining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10, n/30, FOB destination. 9 Freight charges of $2,300 were paid by the appropriate party on the October 8 sale of merchandise. 10 Purchased equipment on account for $62,000. Guidant returned damaged merchandise that was purchased on October 8 for a $3,500 credit on 12 account. The merchandise originally cost $2.185 and was not restored to inventory. 15 Purchased merchandise for $36,300 cash. 17 Received the balance owing from Guidant. 28 Sold merchandise for $30,000 on account to Deux Lte, terms 2/10, n/30, FOB shipping poin The merchandise had a cost of $18,000 29 Freight charges of $750 were paid by the appropriate party on the October 28 sale 30 Paid Micron the balance owing. 31 Deux returned some of the merchandise that was purchased on October 28 for a $5.0 of merchandise account. The merchandise originally cost $3,000 and was restored to invent credit on