Bridgeport Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Bridgeport Warehouse uses a perpetual inventory system and at the end of June its inventory consisted of 30 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred:

July 1

Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/30, FOB destination.

2

The correct company paid $125 freight on the July 1 purchase.

4

Received $150 credit for five suitcases returned to Trunk Manufacturers because they were damaged.

10

Sold 45 suitcases that cost $30 each to Satchel World for $70 each on account.

12

Issued a $350 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory.

15

Purchased 60 additional suitcases from Trunk Manufacturers for $27.50 each, terms n/30, FOB shipping point.

18

The company paid $150 freight on the July 15 purchase.21

Sold 35 suitcases that cost $30 each to Fly-By-Night for $70 each on account.

23

Gave Fly-By-Night a $140 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers.

30

Paid Trunk Manufacturers for the July 1 purchase.

31

Received balance owing from Satchel World.