Wildhorse Company commenced operations on July 1. Wildhorse Company uses a periodic inventory system. During July, Wildhorse 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 $540 of freight costs on July 2 shipment. 8 Sold merchandise for $2,200 cash. 11 Paid Suppliers Inc. the full amount owing. 15 Sold merchandise for $7,000 on account, 1/10, n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Wildhorse did a physical count and determined there was $9,700 of inventory on hand. Record the transactions in Wildhorse 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.) Date Account Titles and Explanation Debit Credit July 2 July 3 July 4 July 8 July 11 July 15 July 25 (Purchase on account.) (To record purchase return.) (To record cash payment of freight.)