10 points Save Answer Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts PayableJones Company. Do the analysis component. Prepare general journal entry July 1 Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15, n/30, FOB factory 2 Sold merchandise to Terra Co. for $2,600 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $1,950 3 Paid $450 for freight charges on the purchase of July 1. 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 from EastCo on credit, $960, n/30. 16 Paid the balance due to Jones Company 19 Sold merchandise that cost $2,850 to Urban Co. for $3,800 under credit terms of 2/15, 1/60, FOB shipping point 21 Issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19 22 Received a debit memo from Urban Co. for an error that overstated the total invoice by $200. 29 Paid Keene Co the balance due. 30 Received the balance due from Urban Co 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