July 1 Slinky established a petty cash fund for $400. 3 Slinky purchased 50 units of inventory from a supplier on credit. The goods cost $40 each and the credit terms were 5/10, 11/30. The shipping costs, paid in cash by Slinky, were S 100 under the terms FOB Shipping. Slinky received the inventory on July 3rd
4 Slinky returned 5 units of inventory from the July 3rd transaction to the supplier.
6 Slinky sold 15 of the units purchased on July 3rd for $55 each to customers for cash.
7 Slinky accepted a return of one unit of inventory from a July 6th customer for a cash refund.
11 Slinky paid the supplier for one-half of the inventory purchased on July Yd. Be sure to account for any returns and/or purchase discounts.
15 Slinky used $40 out of petty cash to pay for coffee meeting (coffee expense).
27 Slinky purchased 10 units of inventory from a supplier on credit. The goods cost $25 each and no credit terms were granted. The shipping costs were $50 under the terms FOB destination and Slinky received the inventory on November 2nd
30 Slinky paid the remaining balance owed to the supplier from the July 3rd transaction.
31 Slinky replenished petty cash.

Required:
Prepare Journal Entries for July

Northern lights electronics just completed plans to distribute its new tablet. the product has several unique features that differentiate it from competitor products. the marketing team plans to begin a roll-out with to only one traditional retailer for the first two months. this strategy will give consumers the perception of the product’s stand-out personality and increase demand. marketing will proceed with for the next four months, where it plans to distribute to three other retailers, as well. for the last six months of the year, it will initiate distribution agreements with discount retailers and online retailers, and any other electronics store that wants to carry it. the marketing team is confident that the tablet will cycle through the first three stages of its product life cycle quickly. as the tablet reaches maturity during the second half of its first year in the market, it is good strategy to proceed with as described above. intensive distribution; selective distribution; exclusive distribution exclusive distribution; selective distribution; intensive distribution tertiary level distribution; secondary level distribution; mono-level distribution mono-level distribution; secondary level distribution; tertiary level distribution