Arden Furniture Company, which uses a periodic inventory system, engaged in the following transactions during July of the current year:
Jul. 2 Purchased inventory for cash, $6,400, less a quantity discount of $900.
5 Purchased store supplies on credit terms of net eom, $1,700.
8 Purchased inventory of $27,000, less a quantity discount of 10 percent, plus freight charges of $1,100. Credit terms are 2/15, n/30.
9 Sold goods for cash, $10,800.
11 Returned $1,000 (net amount after the quantity discount) of the inventory purchased on July 8. It was damaged in shipment.
12 Purchased inventory on credit terms of 2/10, n/30, for $30,000.
14 Sold inventory on credit terms of 1/10, n/30, for $69,200, less a $6,920 quantity discount.
16 Received and paid the electricity bill, $1,600.
20 Received returned inventory from the July 14 sale, $2,500 (net amount after the quantity discount). Arden shipped the wrong goods by mistake.
21 Paid supplier for goods purchased on July 8.
23 Received $43,560 cash in partial settlement of the account from the customer who purchased inventory on July 14. Granted the customer a 1 percent discount and credited the customer's account receivable for $44,000.
30 Paid for the store supplies purchased on July 5.
Required
Journalize the preceding transactions on the books of Arden Furniture Company.