O'Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, O'Quinn's inventory consisted of suitcases costing $2,082. During the month of July the following merchandising transactions occurred. July 1 Purchased suitcases on account for $3,514 from Emerson Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $122 for freight on this date. 3 Sold suitcases on account to Straume Satchels for $2,801. The cost of suitcases sold is $1,681. 9 Paid Emerson Manufacturers in full. 12 Received payment in full from Straume Satchels. 17 Sold suitcases on account to The Going Concern for $2,730. The cost of the suitcases sold was $1,638. 18 Purchased suitcases on account for $1,734 from Hume Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of $121 for freight on this date. 20 Received $343 credit (including freight) for suitcases returned to Hume Manufacturers. 21 Received payment in full from The Going Concern. 22 Sold suitcases on account to Desmond's for $3,006. The cost of suitcases sold was $1,804. 30 Paid Hume Manufacturers in full. 31 Granted Desmond's $241 credit for suitcases returned costing $145. O'Quinn's chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Merchandise Inventory, No. 201 Accounts Payable, No. 401 Sales, No. 412 Sales Returns and Allowances, No. 414 Sales Discounts, No. 505 Cost of Goods Sold. Instructions Journalize the transactions for the month of July for O'Quinn using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest e.g. 10, 5, 3, 2. Round answers to 0 decimal places, e.g. 125.) Date Description/Account Debit Credit July 1 July 3 (To record credit sale to Straume Satchels.) (To record cost of merchandise sold.) July 9 July 12 July 17 (To record credit sale to The Going Concern.) (To record cost of merchandise sold.) July 18 (To record goods purchased.) (To record freight on goods purchased.) July 20 July 21 July 22 (To record credit sale to Desmond's.) (To record cost of merchandise sold.) July 30 July 31 (To record credit to Desmond's for returned goods.) (To record cost of goods returned.)