Pharoah Company cornmenced operations on July 1. Pharoah Company uses a periodic inventory system. During July, Pharoah Company was involved in the following transactions and events: July2 Purchased $14,700 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. 4 Paid $580 of freight costs on July 2 shipment. 8 Sold merchandise for $2,200 cash. 11 Paid Suppliers Inc. the full armount owing. 15 Sold merchandise for $6,600 on account, 1/10, n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Pharoah did a physical count and determined there was $9,800 of inventory on hand.

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