Cullumber Company ocommenced operations on July 1. Cullumber Company uses a periodic inventory system. During July, Cullumber Company was involved in the following transactions and events: Purchased $14,800 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. Sold merchandise for $2.100 cash. Paid Suppliers Inc. the full amount owing, Sold merchandise for $6,900 on account, 1/10, n/30, FOB shipping point. Received full payment for the merchandise sold on July 15. Cullumber did a physical count and determined there was $10,500 of inventory on hand. July 2 4. 11 15 25 31 Record the transactions in Cullumber Company's books. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation 14800 July 2 Supplies Account Titles and Explanation Debit Credit Date 14800 July 2 Supplies 14 Accounts Payable (Purchase on account) 1200 July 3 Purchase Returns and Allowances Merchandise Inventory (To record purchase return) (To record cash payment of freight.) (To record sales on account) (Payment on account.) (Payment on account.) (To record sales on account) July 25 (Collection on account.) eTextbook and Media List of Accounts Assistance Used What was Cullumber' gross profit for July? Gross profit %24