Pharoah Company commenced operations on July $1.$ Pharoah Company uses a periodic inventory system. During July, Pharoah Company was involved in the following transactions and events:July$2$ Purchased $$14,300$ of merchandise from Suppliers Inc. on account, terms $2/10,$ n$/30,$ FOB shipping point$\mathrm{.}3$ Returned $$1,200$ of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers$\mathrm{.}4$ Paid $$560$ of freight costs on July $2$ shipment$\mathrm{.}8$Sold merchandise for $$3,000$ cash$\mathrm{.}11$Paid Suppliers Inc. the full amount owing$\mathrm{.}1525$Sold merchandise for $$6,500$ on account, $1/10,$ n$/30,$ FOB shipping point.Received full payment for the merchandise sold on July $15\mathrm{.}31$Pharoah did a physical count and determined there was $$9,700$ of inventory on hand.Record the transactions in Pharoah Company's books. $($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 $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$DateAccount Titles and ExplanationDebitCredit$($Purchase on account.$)($To record purchase return.$)($To record cash payment of freight.$)($To record sales on account.$)($Payment on account.$)($To record sales on account.$)($Collection on account.$)2.$ Also What was Pharoah' gross profit for July?Gross profit