1 os pol Prepare Journal entries to record the following merchandising transactions of Cobela's, which uses the perpetual inventory system and the gross method. (Hint: it will help to identify each receivable and payable, for example, record the purchase on July 1 in Accounts Payable Boden.) dol. 1 purchased porchandise from Boden Company for $6,000 under credit tornt of 1/15, 1/30, ronahipping point, invoice dated July 1. Jul. 2 Bold merchandise to Creek Co for $300 under credit term of 2/10, 1/60. TOB shipping point, Involce dated July 2. The nerobandise had cost $500 sol.) Paid $125 cash for treight charge of the purchase ot July 1. Bold mandine that had cost $1,310 for $1.700 cash Purchased methandise frontalaht Co. for $2,200 under credit terms of 2/15./60. FOD destination, noten dated July Jul. 11 turned 5700 of merchandise purchased on July from light cand debited LER socount Myatle for that hot Jul 12 ceived the balance de fron Creek Co. for the voice dated Julye of the discount Jul 16 the balance to Boden Company within the sunt period Sol. 19 500 rohandise that cont 1800 t Art Co. for $1,200 under credit card of 1/35, 1/60 ron shipping point Lnvoice te oly JL. 21 GAV protection allowance) of $100 tot for me to July 1 credite Arts Nccounts receivable for that cont gol. 24 Para Leight co the balance out of discount. 301.30 aceived the needs ton to or the duty 19.tout Jul. Sid med that cout 54.000 torek o for $7,000 under credit tome of 9/10, 1/60. Tippine point dated July Hequirement General General Talance Schedule of Schedule Income pact on Pays statement Journalire the merchandising transactions. The General Ledour, or balance, and schedules of accounts receivable and accounts payable will be updated based on your entre Saved apter 4 GL Assignment Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 1 1 Jul 01 5,000 Merchandise inventory Accounts payable - Boden 6,000 2 Jul 02 900 S 0.5 Accounts receivable - Creek Sales O 900 bons 3 Jul 02 500 Cost of goods sold Merchandise inventory O 500 4 Jul 03 125 Merchandise inventory Cash 125 5 JULO 1,700 Cash Sales 1.700 6 Jul 05 1,300 Cost of goods sold Merchandise inventory 1.300 7 Jul 09 Merchandise inventory Accounts receivable Leight . 2.200 2.200 B Jul 11 Accounts payable - Light 200 10 Jul 16 6.000 Accounts payable - Boden Cash Merchandise inventory >> 5,940 160 O 11 Jul 19 Accounts receivable - Art Sales 1,200 1.200 12 Jul 19 Cost of goods sold Morchandise Inventory 800 800 13 Jul 21 Salos rolumns and allowances Accounts receivable. Alt 100 100 14 Jul 24 2,000 Accounts payable. Leight Cash Merchandise inventory 00 1,940 40 15 Cash Sales discounts Accounts receivable - Art 980 20 1.000 Answer is not complete. Income Statement Impact on Income General General Schedule of Schedule of Requirement Trial Balance Journal Ledger Receivables Payables Prepare a multiple-step income statement through the calculation of gross profit. Cabela's Company Partial Income Statement For the Month Ended July 31, 2010 is 0 0 0 0 0 0 Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate com 1 General Journal General Ledger Schedule of Receivables Trial Balance Schedule of Payables Requirement Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement 0.5 points Impact on income Increase decrease) to income Suy1) Purchased merchandise from Boden Company for $6.000 under credit tons of 1/15, 30, FOB shipping point. Invoice dated July 1 July 2) Sold merchandise to Creek Co for $900 under creditems of 210.00, FOB shipping point invoice dmed July 2 July 2) The cost of the merchandise sold to Crook Co. was $500 July 3) Paid S125 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $1.700 cash July 8) The cost of the merchandise sold was $1,300 July 9) Purchased merchandise from Leight Co for $2.200 under credit forms of 2/15, VOOFOB destination invoice dated July July 11) Received a $200 credit memorandum from Ceght Co. for the return of part of the merchandise purchased on July Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Re July 11) Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Creek Co. for the invoice dated July 2. net of the discount July 16) Paid the balance due to Boden Company within the discount period, July 19) Sold merchandise to Art Co. for $1.200 under credit torms of 2/15, 160, FOB shipping point, Invoice dated July 19 July 19) The cost of the merchandise sold to An Co was $800. July 21) issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19 July 24) Pad Lagu Co, the balance due, not of din count July 30) Received the balance due from Art Co, for the Invoice dated July 19, net of discount July 31) Sold merchandise to Creek Co. for $7.000 under creditores of 2/10, 100, FOB shipping point Invoice dated July 31 July 31) The cost of the merchandise sold to Croek Co. was 14,800 Total gross profit S 0