Question 2: (20 marks) Concord Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Concord Warehouse uses a periodic Inventory system and at the end of June its inventory consisted of 25 suitcases purchased at $54 each. During the month of July, the following merchandising transactions occurred: July 1 Purchased 50 suitcases on account for $54 each from Trunk Manufacturers, terms n/30, FOB destination. 2 The correct company paid $140 freight on the July 1 purchase. 4 Received $270 credit for five suitcases returned to Trunk Manufacturers because they were damaged. 10 Sold 45 suitcases that cost $54 each to Satchel World for $55 each on account. 12 Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory 15 Purchased 60 additional suitcases from Trunk Manufacturers for $28.50 each terms n/30, FOB shipping point. 18 The company paid $200 freight on the July 15 purchase. 21 Sold 54 suitcases that cost $30 each to Fly-By-Night for $55 each on account. 23 Gave Fly-By-Night a $110 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. Required: Record the July transactions for Concord Warehouse