4 Oriole Company commenced operations on July 1. Orlole Company uses a periodic Inventory system. During July, Orlole Company was involved in the following transactions and events: July 2 Purchased $15,000 of merchandise from Suppliers Inc on account, terms 2/10, 1/30, FOB shipping point 3 Returned $1.200 of merchandise to Suppliers Inc, as it was damaged. Received a credit on account from Suppliers. Paid $510 of freight costs on July 2shipment. Sold merchandise for $2.000 cash. Paid Suppliers in the full amount owing Sold merchandise for $5,600 on account, 1/10,130, FOB shipping point Received full payment for the merchandise sold on July 15 Oriole did a physical count and determined there was $10,500 of inventory on hand. 8 11 15 25 31 Record the transactions in Orlole Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. W 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 Date Account Titles and Explanation Debit Credit (To record sales.) Payment on account.) To record sales on account) July 25 Collection on account) List of Accounts What was Oriole' gross profit for July? Gross profit $ List of Accounts