1

Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.

2

Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2.

3

Record the cost of merchandise sold, $558.

4

Paid $115 cash for freight charges on the purchase of July 1.

5

Record sale of merchandise for $2,400 cash.

6

Record cost of merchandise sold, $2,000.

7

Purchased merchandise from Leight Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.

8

Returned $400 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount.

9

Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.

10

Paid the balance due to Boden Company within the discount period.

11

Sold merchandise to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.

12

Record cost of merchandise sold, $1,000.

13

Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount.

14

Paid Leight Co. the balance due, net of discount.

15

Received the balance due from Art Co. for the invoice dated July 19, net of discount.

16

Sold merchandise to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

17

Record cost of merchandise sold, $5,500.

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1 . July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. July 3 Paid $115 cash for freight charges on the purchase of July 1. July 8 sold merchandise that had cost $2,000 for $2,400cash. July 9 Purchased merchandise from Leight Company for $2,400 under credit terms of 2/15,n/60, FOB destination, invoice dated July 9. July 11 Returned $400 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company 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 that cost $1,000 to Art Company for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $250 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for that amount. July 24 Paid Leight Company the balance due, net of discount. July 30 Received the balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,500 to Creek Company for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 34567817> Sold merchandise to Creek Co. for $950 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2. Note: Enter debits before credits