Exercise 5-14 Sandhill Company commenced operations on July 1. Sandhill Company uses a periodic inventory system. During July, Sandhill Company was involved in the following transactions and events: July 2 3 4 8 11 15 25 31 Purchased $14,600 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 $560 of freight costs on July 2 shipment. Sold merchandise for $2,900 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,200 on account, 1/10, n/30, FOB shipping point. Received full payment for the merchandise sold on July 15. Sandhill did a physical count and determined there was $10,400 of inventory on hand. Record the transactions in Sandhill Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record purchase return.) (To record cash payment of freight.) (To record sales on account.) (Payment on account.) (To record sales on account.) (IU TELUIU Sales Ull decount) July 25 (Collection on account.) SHOW LIST OF ACCOUNTS LINK TO TEXT What was Sandhill' gross profit for July? Gross profit