Problem 2 (25 points) FipAway Warehouse distributes suitcases to retall stores. The following selected transactions occurred. (1) Requirement: Please prepare journal entries in proper format for each of the following transactions for FlyAway Warehouse. Flyaway uses the perpetual inventory method. 1-Jul Purchased 85 suitcases on account for $30 each from Trunk Manufacturing, terms 1/15,n/30. 3-Jul 6-Jul 8-Jul Sold 40 suitcases on account to Luggage World for $65 each, credit terms of 1/10,n/30, the cost of each suitcase was $40. Luggage World returned 7 of the suitcases sold on July 3 . This luggage was not defective; Luggage World just purchased 7 more than needed. Recelved final payment from Luggage World from the July 3 sale. Received a request from Samson Company for an extension of time for the account receivable ($11,700) that was due on July 15. Their request was granted and they signed a 45 -day, 13% note. Paid Trunk Manufacturing the amount owed. Received payment, in full, on the amount owed from Samson Company on July 15. 15-Jul 20-Jul 30-Aug Problen 1 Problem? v Problem 3 Aad cotogn Problem 4 Extrocredit istructions ac Probiome , - arocred \begin{tabular}{|l|l|l|l|} \hline Date & & Debit & Credit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}