2W Prepure journal entries perpetual inventory system able; for example, record July | Purchased mer 2 Sold merchandis entries to record the following merchandising transactions of Cabela's, which uses the ory system and the gross method. (Hint: It will help to identify each receivable and pay- PROBLEM SET A ample, record the purchase on July 1 in Accounts Payable-Boden.) chased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30. Problem 4-1A Preparing journal entries FOB shipping point, invoice dated July 1. old merchandise to Creek Co, for $900 under credit terms of 2/10,n/60, FOB shipping point, for merchandising activities-perpetual invoice dated July 2. The merchandise had cost $500. system Paid $125 cash for freight charges on the purchase of July 1. P1 P2 Sold merchandise that had cost $1,300 for $1,700 cash. Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Check July 12. Dr. Cash, 16 Paid the balance due to Boden Company within the discount period. $882 19 Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB July 16. C. Cash $5.940 shipping point, invoice dated July 19. 21 Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19. 24 Paid Leight Co. the balance due, net of discount. July 24, Cr Cash 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. $1.960 July 30. Dr. Cash 31 Sold merchandise that cost $4,800 to Creek Co. for $7.000 under credit terms of 2/10, n/60, $1,078 FOB shipping point, invoice dated July 31