Reynolds Book Store entered into the transactions listed below. In the journal provided, prepare Reynolds's necessary entries, assuming use of the perpetual inventory system.

July

6 Purchased $2,900 of merchandise on credit, terms n/30

g

Paid freight charges of $90 on the items purchased July 6.

19

Sold merchandise on credit for $3.000, terms 1/10, n/30. The merchandise sold had a cost of $1,700.

22

Of the merchandise sold on July 19, $200 of it was returned. The items had cost the store $100.

28

Received payment in full from the customer of July 19