Question #5 Purchases&Sales 18 marks 30 minutes Executive Warehouse Ltd. distributes briefcases to retail stores. At the end of June, Executiv Warehouse's inventory consisted of 60 briefcases purchased at $50 each. Executive Warehous perpetual inventory system. During the month of July, the following merchandisin, uses a transactions occurred: Purchased 50 briefcases on account for $60 each from Trunk Manufacturers Ltd., terms 2/10, n/30. Returned $240 worth of briefcases to Trunk Manufacturers because they Sold 55 briefcases on account to Satchel World Inc. for $75 each, with of $42, terms 2/15, n/45. July damaged. 3 were an average cost 6 Satchel World returned 3 briefcases ($75 each) because they were the wrong model. The briefcases were returned to inventory at their original average cost. Sold 3 briefcases-this time the right model number-on account to Satchel World Inc. for $95 each, with an average cost of $57, terms 2/15, n/45 Paid Trunk Manufacturers the balance owing. 9 11 Sold 30 briefcases on account to The Going Concern Limited for $100 each, with an 13 average cost of $60, terms 2/15, n/45. Purchased 70 briefcases on account for $4,340 from Holiday Manufacturers, terms n/45. Issued a $500 credit for 5 briefcases returned by The Going Concern because they were damaged. These briefcases were not restored to inventory and not reversed out of cost o goods sold. Received payment in full from Satchel World for all transactions. 16 17 20 Instructions: Record the July transactions for Executive Warehouse Ltd. Round to the nearest dollar (18 marks). Journal entry descriptions are not required