Part A Orbito Co. is a retail business that uses the perpetual Inventory system. The account balances for Orbito Co. as of July 1, 20Y3 (unless otherwise indicated) are as follows: Account Number Account Name Account Number Account Name $ 110 Cash 100,320.00 312 Dividends 162,000 112 Account Receivables 280,680.00 410 Sales 6,082,800 115 Inventory 749,280.00 510 Cost of goods sold 4,875,000 Estimated Returns 116 Inventory 33,600.00 117 Prepaid Insurance 20,160.00 118 Store Supplies 13,680.00 520 Sales Salaries Expenses 521 Advertising Expenses 522 Depreciation Expenses Store Supplies 797,760 337,200 0 123 Store Equipment Accumulated Dep- 124 Store Equipment 683,400.00 523 Expenses 0 Miscellaneous Selling 68,040.00 529 Expenses 15,120 Office Salaries 210 Accounts Payables 211 Salaries Payables Customer Refunds 212 Payables 1,603,320.00 530 Expenses 458,520 531 Rent Expenses 100,440 60,000.00 532 Insurance Expenses 0 Miscellaneous Administrative 310 Common Stock 311 Retained Earnings 120,000.00 702,360.00 539 Expenses 9,360 During July, the last month of the fiscal year, the following transactions were completed: Transaction Sold merchandise on account to Korman Co.terms n/12 FOB shipping point, $ 78,000. The cost of the goods sold was $ 50,000. Date July 1 Paid rent for July 6,000 July 2 July 3 July 4 Purchases merchandise on account from Martin Co, terms 2/10 n/30 FOB shipping point $25,000. Paid freight on purchase of July 3, $ 500. 3 July 7 July 10 Received $27,000 cash from Halstad Co. on account Sold Merchandise with a list price of $ 70,000 to customers who used visa and who redeemed $ 5,000 of point of sale coupons. The cost of goods sold was # 35,000 Paid for merchandise purchased on July 3. July 13 July 15 July 17 Paid Advertising Expenses for last half of July $25,000. Received cash from sale of July 2. July 19 Purchase merchandise for cash $ 26,500. July 19 July 20 Paid $ 25,450 to Buttons Co. on account. July 21 July 21 July 21 July 21 July 21 July 26 July 28 July 29 July 30 July 31 July 31 Paid Kormn Co. a cash refund of $ 13,230 for returned merchandise from sale of May2. The cost of the returned merchandise was $ 8,000. Sold merchandise on account to crescent Co, terms n/eom, FOB shipping point, $ 90,000. The cost of goods sold was $ 80,000. For the convenience of Crescent Co, paid freight on sale of July 21, $ 4,500. Received $ 42,900 cash from Gee Co. on account. Purchased merchandise on account from Osterman Co. terms 1/10, n/30 FOB destinations $ 88,000. Returned damaged merchandise purchased on July 21, receiving a credit memo from the seller for $ 55,000. Refund cash on Sales made for cash $ 7,500. The cost of the merchandise returned was $ 4,800. Paid sales salaries of $ 56,000 and office salaries of $ 29,000. Purchase store supplies for cash $ 2,400. Sold merchandise on account to Turner Co, terms n/30, FOB shipping point, $ 78,750. The cost of the goods sold was $ 47,000. Received cash from sales of July 21 plus freight Paid for purchase of July 21, less return of July 21. Required: 1. Journalize the transactions of July. 2. Post the transaction to the T Accounts and balance it off. (no need to do Subledgers)