3 4 Blossom Company commenced operations on July 1. Blossom Company uses a periodic inventory system. During July, Blossom Company was involved in the following transactions and events: July 2 Purchased $14.500 of merchandise from Suppliers Inc on account, terms 2/10,n/30, FOB shipping point. Returned $1.200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $550 of freight costs on July 2 shipment. 8 Sold merchandise for $2,300 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,700 on account, 1/10,n/30, FOB shipping point Received full payment for the merchandise sold on July 15. Blossom did a physical count and determined there was $10.400 of inventory on hand. 11 15 25 31 Your answer is partially correct Record the transactions in Blossom 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 for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date July 2 14500 14500 Account Titles and Explanation Purchases Accounts Payable (Purchase on account.) Accounts Payable Purchase Returns and Allowances (To record purchase return.) Freight In July 3 > 1200 1200 luly 4 550 Cash 550 (To record cash payment of freight.) luly 8 Cash 2300 Sales 2300 July 11 > 13300 266 (To record sales on account.) Accounts Payable Purchase Discounts Cash (Payment on account.) Accounts Receivable 13034 luly 15 6700 6700 Sales (To record sales on account.) July 25 Cash 6700 6767 Sales Discounts Accounts Receivable (Collection on account.) 6700 * Your answer is incorrect. What was Blossom gross profit for July? Gross profit $ 6100