Problem 5-1A OQuinn Co. distributes suitcazas to retail stores and axtands credit terms of 1/10, n/30 to all of its customers. At the and of June, O'Quinns inventory consisted of suitcases costing $2,100. During the month of July, the following merchandising transactions occurred July 1 purchased suitcases on account for s3.400 from Emerson Manufacturers, FOB dtination, terms 3 10 n/30. The appropriate party also mad a cash payment of s180 for freight on this data. 3 Sold uitcascs an account to Straum. Salchela for $3.700. Th. cost of auitta.s sold is $2,220. 12 Received payment in full from Straume Satchels 17 Sold suitcases on account to The Going Concern for $2.000, The cost of the suitcsses sold was $1.200. 18 Purchased suitcases on account for $1.990 from Hume Manufacturers, FOB shipping point, terms 1/10, n/30. The appropiate party also madea cosh payment of $140 for freight on this date. 20 Reccived $320 credit Cincluding freight) for sultcases returned to Hume Manufacturers 21 Received payment in full from The Going Concern 22 sold suitcases account to D smond's for $2,400. The cost ofsuitcases sold was 1,440. Manufacturers in f 31 Granted Desmand's $280 credit for suitcs returned coxting $168. uinn's chart of accounts 'ncludes the follow, g; No. 101 C55h, No. 112 Accounts Receve le No. 120 1m entory No. 201 Accounts payable No. 401 Sales Revenue, No 412 Sales Returns and Allowances No. 414 Sales Discounts and No. 505 Cost of Goods Sold. Journalize the ransactions or the month o July Record entries in the order displayed in the prob ent statement. Credit account titles are automatically inde ted hen ani nt is entered. Do not indent manual y. or O Quinn using perpetual inventory ystem To record eri) To record coat of marchandas soid.) July 12 To recard credit To recard coat of merchandw wold) To record merchandis purchaed To recard fraight on merchandse purchaed.) July 21