PROBLEM 1 MERCHANDISING TRANSACTIONS (30 POINTS) Smith Co. distributes suitcase to retail stores. During the month of Juty, the toWowing, merchandining tr ansactions occurred July 1 Purchased suitcase on account for $1,800 from Edward Manufacturers, terms 2/1o, n/30 3 sold suitcase on account t Paid Edward Manufacturers in full. (Discount) Received payment in full from Anderson Co Anderson Co. $2,000, terms 1/10, n/30 The cost of suitcases sold isao. 9 12 17 Purchased suitcase on account for $1,900 from Bryan Manufacturers, terms 1/10, n/30. 20 Received $300 credit for suitcases returned to Bryan Manufacturers. 21 Paid Bryan Manufacturers in Full. (Discount and Credit) 22 Sold Suitcases on account to Walsh Co. for $2,250, terms 1/10, n/30. The cost of suitcases sold is $1,350 30 Granted Walsh $200 credit for suitcase returned costing $120 CASH, ACCOUNT RECEIVABLE, INVENTORY, ACCOUNT PAYBLE, SALES REVENUE, SALES RETURN AND ALLOWANCE, SALES DISCOUNTS AND COST OF GOODS SOLD Smith's chart of accounts includes the following: INSTRUCTION: Journal the transaction for the month of July for Smith Co. using a perpetual inventory system