TUTORIAL TEST 05 Urdan Co. distributes suitcases to retail stores at the Hostad Resort. The following transactions were completed during August. August Purchased suitcases from Marx Co. $840, FOB shipping point, terms 2/10, n/30. 6 Paid freight on purchase from Marx Co. $40. 8 Sold merchandise to members $1,150, terms n/30. The merchandise sold had a cost of $790 10 Received credit of $40 from Marx Co. for a suitcase that was returned. 11 Purchased suitcase accessories from Rupp Sports for cash, $420. 13 Paid Marx Co. in full. 14 Purchased suitcases from Hayley's Travels $900, FOB shipping point, terms 3/10, n/60. 15 Received cash refund of $50 from Rupp Sports for damaged merchandise that was returned 17 Paid freight on Hayley's Travels purchase $30. 18 Sold merchandise to members $900, terms n/30. The cost of the merchandise sold was $540 20 Received $600 in cash from customers in settlement of their accounts. 21 Paid Hayley's Travels in full. 27 Granted an allowance of $40 to members for suitcase accessories that did not fit properly 30 Received cash payments on account from customers, $710 The chart of accounts for the suitcase shop includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 201 Accounts Payable, No. 301 Owner's Capital, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, and No. 505 Cost of Goods Sold. Instruction: Journalize the August transactions using a perpetual inventory system (Use J1 for the journal reference)