1 Prepare Journal entries to record the following merchandising transactions of Lee'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 -Clinton 10 points Jul. 1 Purchased merchandise from Clinton Company for $6,400 under credit term of 1/15, 1/30. Yon shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Allen Co. for $1,100 ander credit terms of 2/10, 1/60, POB shipping point, Invoice dated July 2. The merchandise had cost $660. Jul. Poid 5205 cash for freight charges on the purchase of July 1. JUL. 8 Sold merchandise that had cont $1,300 for $2,100 cash. Jul. 9 Purchased merchandise from careia Co. for $2,400 under credit terms of 2/15, n/60 ron destination, invoice dated July . Jui. 11 Returned 5500 of merchandise purchased on July from Carola Co., and debited its account payable for that amount. Jul. 12 Received the balance due tron Allen Co. for the invoice dated July 2, net of the discount. Jal. 16 Paid the balance due to cinton Company within the discount period. Jol. 19 sold merchandise that cost $1.100 to Taylor Co. for $1.600 under credit terns of 2/15, 1/60, FOB shipping point invoice dated July 19. Jol. 21 Gave a price reduction allowance) of $300 to Taylor Co. for merchandise Hold on July 19, and credited Taylor's accounts receivable for that amount. Jul 24 Paid Garcia Co. the balance due, net of discount. Jul. 10 Received the balance due from Taylor Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that coat 54,400 to Alien Co. for 97.400 under credit ter of 2/10, 1/60, rou shipping point, invoice dated July 31. General General Schedule of Schedule of Income Trial Balance impact on Requirement Journal Ledger Receivables Payables Statement Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries View transaction lit Journal entry worksheet 2. 3 4 5 7 17 B Requirement General Journal General Ledger Trial Balance 1 Schedule of Receivables Schedule of Payables Income Statement Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries 10 points View transaction lit Journal entry worksheet Jut. 1) Purchased merchandise from Clinton Company for $6,400 under credit terms of 1/15, 130, FOB shipping point invoice dated July 1 Note: Enter detits before credits Account Title Dobilt Credit Date Jul 01 Record entry Clear entry View general Journal Reguirement General Ledger >