Sheridan Company commenced operations on July 1. Sheridan Company uses a periodic inventory system. During July, Sheridan Company was involved in the following transactions and events: July 2 Purchased $15,000 of merchandise from Suppliers Inc. on account, terms 2/10,n/30,FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. 4 Paid $530 of freight costs on July 2 shipment. 8 Sold merchandise for $2,800 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $6,300 on account, 1/10,n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Sheridan did a physical count and determined there was $9,800 of inventory on hand. (Purchase on account.) (To record purchase return.) (To record cash payment of freight.) (To record sales on account.) (Payment on account.) (To record sales on account.) (Payment on account.) (To record sales on account.) (Collection on account.)