holiday warehouse distributes suitcases to retail stores and extends credit terms 533592

Holiday Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of July, the following merchandising transactions occurred.

July 1 Purchased suitcases on account for $2,700 from Satchel Manufacturers, terms 2/15, n/30.

3 Sold suitcases on account to Triptik for $2,900. The cost of the merchandise sold was $1,800.

9 Paid Satchel Manufacturers in full.

12 Received payment in full from Triptik.

17 Sold suitcases on account to Pass Port for $2,000. The cost of the merchandise sold was $1,200.

18 Purchased suitcases on account for $2,200 (including freight) from Steamer Manufacturers, terms 1/10, n/30.

20 Received $300 credit for suitcases returned to Steamer Manufacturers.

21 Received payment in full from Pass Port.

22 Sold suitcases on account to Carry On for $3,120. The cost of the merchandise sold was $1,800.

30 Paid Steamer Manufacturers in full.

31 Granted Carry On $310 credit for suitcases returned costing $170.

Instructions

Journalize the transactions for the month of July for Holiday Warehouse, using a perpetual inventory system.