(To record return of merchandise) July 9 July 11 July 13 July 16 Julv 17 July 18 July 27 Refund Liability (To record sale of goods) Cost of Goods Sold Estimated Inventory Returns Inventory (To record cost of goods sold) Inventory Freight Out Cash Accounts Payable Cash July 30 July 30 Record the July transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the ar- Rt Accounts Receivable Supplies Cash Cost of Goods Sold Inventory Marigold Home Electronics Corp. completed the following merchandising transactions in the month of July 2024 . At the beginning of July, Marigold's ledger showed Cash $20,000; Accounts Receivable $9,000; Inventory $11,000; Common Shares $18,000; and Retained Earnings $22,000. Marigold Home has experienced a return rate of 2% of sales and uses a perpetual inventory system. July 2 Sold merchandise on account to Home Security Ltd. for $9,000, terms n/45, FOB destination. The cost of the merchandise was $6,000. 2 Freight charges of $200 were paid by the appropriate party on the merchandise sold. 4 Purchased merchandise on account from Al Gadgets Inc. for $14,000, terms 2/10. n/30, FOB shipping point. 5 Freight charges of $500 were paid by the appropriate party on the merchandise purchased on July 4. 8 Collected $3,000 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. 9 Paid a $180 cash refund to customers for returned merchandise. The cost of the returned merchandise was $60. It was restored to inventory. 11 Received a $800 credit from Al Gadgets when merchandise was returned. 13 Sold merchandise to various customers for $7,000 cash. The cost of the merchandise was $2,000. 16 Purchased merchandise from Virtual Trainers Inc. for $12,000, terms n/30, FOB destination. 17 Freight of $200 was paid by the appropriate party on the July 16 purchase of merchandise. 18 Paid Al Gadgets in full. 27 Received payment in full from Home Security Ltd. for merchandise sold on account on July 2. 30 Purchased supplies for $1,400 cash. 31 A physical inventory count was taken and determined that there was $28,000 of inventory on hand. Prepare any adjustment required