Problem #5: Purchase and Selling Journal Entries McConnell Enterprises had the following transactions occur. Record the JEs. Make sure to keep track of the separate vendors and customers balances.

July 1: Purchased merchandise on account from Avery Co. for $5,500, terms 3/10, n/30. July 2: Paid $250 in freight for merchandise purchased on 7/1. July 5: Sold merchandise on account to Jane Smith, $3,200, terms 1/5, n/15. The goods cost McConnell Enterprises $1,450. July 6: Received an allowance from Avery Co. in the amount of $600 for defective merchandise. July 7: Purchased supplies costing $850 on account. July 10: Received payment from Jane Smith for goods bought on 7/5. July 10: Paid Avery Company for balance owed. July 11: Purchased merchandise for cash $4,400. July 11: Sold merchandise for cash, $3,500. Cost of goods to McConnell Enterprises is $1,750. July 14: Sold merchandise on account for $2,300 to Breaux Inc., terms 2/10, n/30. Cost of merchandise sold is $900. July 15: Granted an allowance of $150 to Breaux Inc. for items that are defective. July 16: Purchased merchandise on account for $1,350 from RPW Company, terms 2/5, n/ 10. July 24: Received payment from Breaux Inc. July 25: Paid RPW Company in full.