Question 4 of 5 - / 10 View Policies Current Attempt in Progress Blossom Company commenced operations on July 1. Blossom Company uses a periodic inventory system. During July, Blossom Company was involved in the following transactions and events: 4 8 July 2 Purchased $ 14,300 of merchandise from Suppliers Inc. on account, terms 2/10, 1/30, FOB shipping point 3 Returned $1.200 of merchandise to Suppliers Int. as it was damaged. Received a credit on account from Suppliers, Paid $ 550 of freight costs on July 2 shipment Sold merchandise for $ 2,000 cash Paid Suppliers in the full amount owing, Sold merchandise for $7.000 on account. 1/10, 1/30, FOB shipping point Received full payment for the merchandise sold on July 15. Blossom did a physical count and determined there was $ 10,100 of inventory on hand. 11 15 25 31 Date Account Titles and Explanation Debit Credit (Purchase an account.) (To record purchase return) (To record cash payment of freight.) (To record sales.) (Payment on account) (Payment on account.) (To record sales on account.) July 25 (Collection on account.) e Textbook and Media Date Account July 2 July 3 July 4 July 8 July 11 July 15 July 25 (Purchase What was Blossom gross profit for July? Gross profit e Textbook and Media List of Accounts