record transactions using a periodic inventory system,set up ledger accounts for merchandise account and all temporary accounts and prepare a partial multiple step income statement upto gross profit.

At the beginning of June 2021, Sarasota Distributing Company's ledger showed Cash $17,000, Merchandise Inventory $5,900, and D. Sarasota, Capital $22,900. During the month of June, the company had the following selected transactions: June 1 2 5 6 6 7 10 10 12 14 Purchased $9,200 of merchandise inventory from Sun Supply Co., terms 1/15,n/30, FOB destination The correct company paid $250 cash for freight charges on the June 1 purchase. Sold merchandise inventory to Moose Jaw Retailers for $11.900. The cost of the merchandise was $7.900 and the terms were 2/10,n/30, FOB destination. Issued a $950 credit for merchandise returned by Moose Jaw Retailers. The merchandise originally cost $560 and was returned to inventory. The correct company paid $300 freight on the June 5 sale. Purchased $830 of supplies for cash. Purchased $4,050 of merchandise inventory from Fey Wholesalers, terms 2/10, 1/30, FOB shipping point The correct company paid $140 freight costs on the purchase from Fey Wholesalers. Received a $300 credit from Fey Wholesalers for returned merchandise. Paid Sun Supply Co. the amount due. Collected the balance owing from Moose Jaw Retailers, Sold merchandise for $7,400 cash. The cost of this merchandise was $41400. Paid Fey Wholesalers the balance owing from the June 10 purchase. Made a $550 cash refund to a cash customer for merchandise returned. The returned merchandise had a cost of $320 The merchandise was damaged and could not be resold. Sold merchandise to Bauer & Company for $4,100, terms 1/30, FOB shipping point. Sarasota's cost for this merchandise was $2,600. 15 19 20 25 30 A physical inventory count shows $3,600 of inventory on hand on June 30, 2021