Sandhill Company commenced operations on July 1. Sandhill Company uses a periodic inventory system. During...
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Sandhill Company commenced operations on July 1. Sandhill Company uses a periodic inventory system. During July, Sandhill Company was involved in the following transactions and events: July 2 3 4 8 11 15 25 31 Purchased $14,800 of merchandise from Suppliers Inc. on account, terms 2/10, n/30, FOB shipping point. Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $570 of freight costs on July 2 shipment. Sold merchandise for $2,100 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,500 on account, 1/10, n/30, FOB shipping point. Received full payment for the merchandise sold on July 15. Sandhill did a physical count and determined there was $10,300 of inventory on hand. Record the transactions in Sandhill Company's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) What was Sandhill' gross profit for July? Gross profit
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