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Record the transactions in cindy company books

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Question - Cindy Company commenced operations on July 1. Cindy Company uses a periodic inventory system. During July, Cindy Company was involved in the following transactions and events:

July 2 Purchased $14,300 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point.

July 3 Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers.

July 4 Paid $560 of freight costs on July 2 shipment.

July 8 Sold merchandise for $3,000 cash.

July 11 Paid Suppliers Inc. the full amount owing.

July 15 Sold merchandise for $6,500 on account, 1/10, n/30, FOB shipping point.

July 25 Received full payment for the merchandise sold on July 15.

July 31 Cindy did a physical count and determined there was $9,700 of inventory on hand.

Required - Record the transactions in Cindy's Company's books and gross profit?

Reference no: EM133046319

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