Question 4 Ivanhoe Company commenced operations on July 1. Ivanhoe Company uses a periodic inventory system. During July, Ivanhoe Company was involved in the following transactions and events: July 2 Purchased $14,200 of merchandise from Suppliers Inc. on account, terms 2110, nf30, FOB shipping point. 3 Retumed $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. 4 Paid $600 of freight costs on July 2 shipment. 8 Sold merchandise for $2,500 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $?,000 on account, 1110, M30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Ivanhoe did a physical count and determined there was $10,100 of inventory on hand. Record the transactions in Ivanhoe Company's books. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit July 25