1. Prepare general journal entries to record the following perpetual system merchandising transactions for Micro Managing. Use a separate account for each Receivable and Payable; for example record the purchase on July 1 in Accounts Payable Macro Company.

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July 1 Purchased merchandise from Macro Company for $14,800 under credit term of 1/15, n/30 FOB Destination. 2 Sold merchandise to Terra Co for $2,600 under credit terms 2/10,n/60, FOB Shipping point. The merchandise had cost $1,950. 3 Paid S450 for freight charges for the July 1 purchase. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB Destination. 12 Received a $1.500 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co for the credit sale dated July 2. 13 Purchased office supplies on credit from Esto. $960. net 30. 16 Paid the balance due to Macro Company. 19 Sold merchandise that cost $2.850 to Urban Ltd for $3,800 under credit terms 2/15, n/60, FOB Shipping Point. 21 Issued a $300 credit memo to Urban Ltd for an allowance on goods sold on July 19. 29 Paid Keene Co the balance due. 30 Received the balance due from Urban Ltd. for the credit sale dated July 19. 31 Sold merchandise that cost $7.500 to Terra Co. for $10,000 under credit terms of 2/10, n/60. FOB Shipping Point.