Acc100 Acounting: P5-1A O’Quinn Co. distributes suitcases to retail stores

Acc100 Acounting

P5-1A Journalize purchase and sales transactions under a perpetual inventory system.
O’Quinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end
of June, O’Quinn’s inventory consisted of suitcases costing 1200 During the month of July, the following
merchandising transactions occurred.

July 1 Purchased suitcases on account for 1,800 from Emerson Manufacturers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of 100 for freight on this date.
July 3 Sold suitcases on account to Straume Satchels for 2,000. The cost of suitcases sold is 1,200.
July 9 Paid Emerson Manufacturers in full.
July 12 Received payment in full from Straume Satchels.
July 17 Sold suitcases on account to The Going Concern for 1,800. The cost of the suitcases sold was 1,080.
July 18 Purchased suitcases on account for 1,900 from Hume Manufacturers, FOB shipping point, terms 1/10, n/30. The appropriate party also made a cash payment of 125 for freight on this date.
July 20 Received 300 credit (including freight) for suitcases returned to Hume Manufacturers.
July 21 Received payment in full from The Going Concern.
July 22 Sold suitcases on account to Desmond’s for 2,250. The cost of suitcases sold is 1,350.
July 30 Paid Hume Manufacturers in full.
July 31 Granted Desmond’s 200 credit for suitcases returned costing 120.

Sansomite's chart of accounts includes the following:
101 Cash 401 Sales Revenue
112 Accounts Receivable 412 Sales Returns and Allowances
120 Inventory 414 Sales Discounts
201 Accounts Payable 505 Cost of Goods Sold

Instructions:
Journalize the transactions for the month of July for O’Quinn using a perpetual inventory system.
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