Problem 5 AA Martinez Warehouse distributes suitcases to retail stores and extends crede terms of 30 to all of a customers. Martinez Warehouse uses a perpetual wventory system and at the end of entry consisted of 25 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms 30, FOB destination 2 The correct company paid $120 freight on the July 1 purchase 4 Received $150 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $30 each to Satchel World for $75 each on account 12 issued a $375 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to wventory 15 Purchased 60 additional suitcases from Trunk Manufacturers for $26.00 each, terms 130, FOB shipping point. 18 The company paid $150 freight on the July 15 purchase. 21 Sold 30 suitcases that cost $30 each to Fly. By Night for $75 each on account 23 Gave Fly By Night a $150 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers 30 Paid Trunk Manufacturers for the July 1 purchase 31 Received balance owing from Satchel World Record the transactions for the month of July for Martinez Warehouse. (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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit > (To record sales) (To record cost) (To record credit granted for returned goods) (To record the cost of the return) V