erms of n/30 to all of its ne its inventory consisted owing merchandising transactions P5-4A Travel Warehouse distributes suitcases to retail stores and extends credit terma customers. Travel Warehouse uses a perpetual inventory system and at the end of June its in erpetual of 25 suitcases purchased at $30 each. During the month of July, the following merch occurred: ors. terms n/30, FOB destination. ecause they were damaged. World because they were the wrong colour. The July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/a 2 The correct company paid $125 freight on the July 1 purchase. 4 Received $150 credit for five suitcases valit for five suitcases returned to Trunk Manufacturers because they w 10 Sold 45 suitcases that cost $30 each to Satchel World for $55 each on account 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong suitcases were returned to inventory. 15 Purchased 60 additional suitcases from Trunk Manufacturers for $27.50 each, terms n/30. FOR china! point. 18 The company paid $150 freight on the July 15 purchase. 21 Sold 54 suitcases that cost $30 each to Fly-By-Night for $55 each on account 23 Gave Fly-By-Night a $110 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. Instructions (a) Record the transactions for the month of July for Travel Warehouse. (b) Create a T account for Merchandise Inventory. Post the opening balance and July's transactions, a the July 31 balance. (c) Determine the number of suitcases on hand at the end of the month