Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows:

During July, the last month of the fiscal year, the following transactions were completed: July 1. Paid rent for July, $4,000.
3. Purchased merchandise on account from Lingard Co., terms 2/10, n/30, FOB shipping point, $25,000.
4. Paid freight on purchase of July 3, $1,000.
6. Sold merchandise on account to Holt Co., terms 2/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $24,000.
7. Received $18,000 cash from Flatt Co. on account, no discount.
10. Sold merchandise for cash, $90,000. The cost of the merchandise sold was $50,000.
13. Paid for merchandise purchased on July 3, less discount.
14. Received merchandise returned on sale of July 6, $7,000. The cost of the merchandise returned was $4,500.
15. Paid advertising expense for last half of July, $9,000.
16. Received cash from sale of July 6, less return of July 14 and discount.
19. Purchased merchandise for cash, $22,000.
19. Paid $23,100 to Carino Co. on account, no discount.
Record the following transactions on Page 21 of the journal.
20. Sold merchandise on account to Reedley Co., terms 1/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $25,000.
21. For the convenience of the customer, paid freight on sale of July 20, $1,100.

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$ 63,600 110 Cash Accounts Receivable 112 153,900 Merchandise Inventory 115 602,400 Prepaid Insurance Store Supplies Store Equipment Accumulated Depreciation-Store Equipment Accounts Payable Salaries Payable Capital Stock Retained Earnings, August 1, 2011 Dividends 16,800 116 11,400 117 469,500 123 124 56,700 210 96,600 211 75,000 310 311 480,300 135,000 312 Income Summary 313 3,221,100 Sales 410 411 Sales Returns and Allowances 92,700 Sales Discounts 59,400 412 Cost of Merchandise Sold 510 1,623,000 520 Sales Salaries Expense Advertising Expense Depreciation Expense Store Supplies Expense Miscellaneous Selling Expense 334,800 81,000 521 522 523 529 12,600 530 Office Salaries Expense Rent Expense Insurance Expense Miscellaneous Administrative Expense 182,100 83,700 531 532 539 7,800