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Sunland Company commenced operations on July 1 . Sunland Company uses a periodic inventory system. During July, Sunland Company was involved in the following transactions
Sunland Company commenced operations on July 1 . Sunland Company uses a periodic inventory system. During July, Sunland Company was involved in the following transactions and events: July 2 Purchased $14,500 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 $2,700 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 Sunland did a physical count and determined there was $9,600 of inventory on hand. (a) Record the transactions in Sunland Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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