Novak Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Novak Warehouse uses a periodic inventory system the earnings approach. At the end of June its inventory consisted of 40 suitcases purchased at $54 each. During the month of July, the following merchandising transactions occurred: July 1 2 4 10 12 15 18 21 23 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB destination, The correct company paid $175 freight on the July 1 purchase. Received $270 credit for five suitcases returned to Trunk Manufacturers because they were damaged. Sold 45 suitcases that cost $54 each to Satchel World for $80 each on account. Issued a $400 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory. Purchased 60 additional suitcases from Trunk Manufacturers for $51.50 each, terms n/30. FOB shipping point. Paid $150 freight to AA Trucking Company for merchandise purchased from Trunk Manufacturers. Sold 54 suitcases that cost $54 each to Fly-By-Night for $80 each on account. Gave Fly-By-Night a $160 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers Paid Trunk Manufacturers for the July 1 purchase. Received balance owing from Satchel World 30 31 Record the July transactions for Novak Warehouse. Assume that Novak uses the earnings approach. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.)