Question
CindyCompany commenced operations on July 1.CindyCompany uses a periodic inventory system. During July,CindyCompany was involved in the following transactions and events: July 2 Purchased $14,300of
CindyCompany commenced operations on July 1.CindyCompany uses a periodic inventory system. During July,CindyCompany was involved in the following transactions and events:
July 2
Purchased $14,300of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.
3
Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.
4
Paid $560of freight costs on July 2 shipment.
8
Sold merchandise for $3,000cash.
11
Paid Suppliers Inc. the full amount owing.
15
Sold merchandise for $6,500on account, 1/10, n/30, FOB shipping point.
25
Received full payment for the merchandise sold on July 15.
31
Cindydid a physical count and determined there was $9,700of inventory on hand.
Record the transactions inCindy'sCompany's books and gross profit
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