P5-1A Sansomite 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, Sansomite's inventory consisted of suitcases costing $1,200. During the month of July the following merchandising transactions occurred. July 1 Purchased suitcases on account for $1,800 from Trunk Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $100 for freight on this date. 3 Sold suitcases on account to Satchel World for $2,000. The cost of suitcases sold is $1,200. 9 Paid Trunk Manufacturers in full. 12 Received payment in full from Satchel World. 17 Sold suitcases on account to The Going Concern for $1,500. The cost of the suitcases 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. 20 Received $300 credit (including freight) for suitcases returned to Kingman Manufacturers. 21 Received payment in full from The Going Concern. 22 Sold suitcases on account to Fly-By-Night for $2,250. The cost of suitcases sold was $1,350. 30 Paid Kingman Manufacturers in full. 31 Granted Fly-By-Night $200 credit for suitcases returned costing $120. Sansomite'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 Sansomite using a perpetual inventory system. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.) Date Description/Account Debit Credit July 1 July 3 (To record credit sale to Satchel World.) (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 Fly-By-Night.) (To record cost of merchandise sold.) July 30 July 31 (To record credit to Fly-By-Night for returned goods.) (To record cost of goods returned.)