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Flounder Warehouse distributes suitcases to retail stores and extends credit terms of n/30 to all of its customers. Flounder Warehouse uses a perpetual inventory system the earnings approach. At the end of June its inventory consisted of 35 suitcases purchased at $30 each. During the month of July, the following merchandising transactions occurred: July 1 2 4 10 12 15 Purchased 50 suitcases on account for $30 each from Trunk Manufacturers, terms n/30, FOB destination The correct company paid $135 freight on the July 1 purchase. Received $150 credit for five suitcases returned to Trunk Manufacturers because they were damaged. Sold 45 suitcases that cost $30 each to Satchel World for $55 each on account. Issued a $275 credit for five suitcases returned by Satchel World because they were the wrong colour. The suitcases were returned to inventory. Purchased 60 additional suitcases from Trunk Manufacturers for $27.50 each, terms n/30, FOB shipping point. Paid $150 freight to AA Trucking Company for merchandise purchased from Trunk Manufacturers. Sold 60 suitcases that cost $30 each to Fly-By-Night for $55 each on account Gave Fly-By-Night a $110 credit for two returned suitcases. The suitcases had been damaged and were sent to the recyclers. Paid Trunk Manufacturers for the July 1 purchase. Received balance owing from Satchel World. 18 21 23 30 31 Merchandise Inventory Bal