Luggage Warehouse distributes suitcases to retail stores. At the end of June, it had inventory of 30 suitcases valued at $45 each. Luggage Warehouse uses a perpetual inventory system and experiences a 5% return rate on sales. During July, the following transactions occurred: July 2 July 3 July 6 July 7 July 11 Purchased 55 suitcases on account for $45 each from Trunk Manufacturers, terms 2/10, n/30. FOB Destination. Received a $225 credit from Trunk Manufacturers after returning 5 damaged suitcases Sold 50 suitcases on account to Satchel World Inc for $80 each with a cost of $45, terms 2/15, n/30. Issued a $400 credit to Satchel World for 5 suitcases returned for being the 'wrong model. The suitcases were in excellent condition, so they were returned to inventory. Paid Trunk Manufacturers the balance owing, and the correct company paid the freight the same day. July 28 Received payment in full from Satchel World for all transactions in July. REQUIRED: Prepare the journal entries required by Luggage Warehouse to record these transactions. (NOTE: You may omit explanations.) Date Account Titles and Explanation Debit Credit