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P5-1A Sansomite Co, distributes suitcases to retail stores and extends credit terms of 1/10,n/30 Jourmalize purchase and sales to-all of its customers At the end of June, Sansomite's inventory consisted of suitcases costing transections under a perpetial 51200 . During the month of July the following merchandising transactions occurred. inventory system. Wuly 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destina- (502,3) tion, terms 2110,n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Satehel world tor $2,000. ' he cost of suitcases sold is $1,200. 9 Paid Trunk Manufacturers in full. 17 Received payment in full from Satchel World. sold was $900. 18 Purchased suitcases on account for $1,700 from Kingman Manufacturers, FOB shipping point, terms 1/10,n/30. The appropriate party also made a cash payment of $100 for freight on this date. Received $300 credit (including freight) for suitcases returned to Kingman 20 Received $300 21 Received payment in full from The Going Coocern. 22 Sold suitcases on account to Fly-By-Night for $2,250. The cost of suitcases sold was 22 Sold suir 30 Paid Kingman Manufacturers in full. 31 Granted Fly-By-Night $200 credit for suiteases returned costing $120. Sansomite's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, Na. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 401 Sales, No. 412 Sales Returns and Allowances, No.414 Sales Discounts, No. S0S Cost of Goods Sold. Instructions Journalize the transactions for the month of July for Sansomite using a perpetual inventory systern