Show Attempt History Blossom Company commenced operations on July 1. Blossom Company uses a periodic inventory system During Company was involved in the following transactions and events: July 2 3 Purchased $14,000 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account f Paid $500 of freight costs on July 2 shipment. 4 8 Sold merchandise for $2,000 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point 25 Received full payment for the merchandise sold on July 15. 31 Blossom did a physical count and determined there was $9,500 of inventory on hand