(To record purchase return.) (To record cash payment of freight.) (To record sales on account.) (Payment on account.) (Payment on account.) (To record sales on account.) (Collection on account.) Record the transactions in Sheridan 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 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) 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 $14,900 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 $520 of freight costs on July 2 shipment. 8 Sold merchandise for $2,400 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $6,500 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 $9,500 of inventory on hand