3 1:13:56 Prepare journal entries to record the following merchandising transactions of Cabela'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-Boden. July 1 Purchased merchandise from Boden company for $6,900 under credit torma of 2/15, 1/30, ron shipping point, 2 Sold merchandise to Creek co, for $1,000 under credit terms of 2/10, 1/60, roh shipping point, invoice dated July 2. The merchandise had cout $575. 3 Paid $130 cash for Ereight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,200 for $2,600 cash. 9 Purchased merchandise from Light Co. for $2,500 under credit terms of 2/15, n/60, POB destination, invoice dated July 9. 11 Returned $500 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 12 Received the balance de from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $800 to Art Co. for $1,200 under credit terns of 2/15, 1/60, TOB shipping point, invoice dated July 19. 21 Gave a price reduction allowance) of $200 to Art Co. for merchandise sold on July 19 and credited Artis accounts receivable for that amount. 24 Paid Leight Co. the balance due, not of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount 31 Sold merchandise that cost $5,700 to Creek Co. for $7.200 under credit terms of 2/10, 1/60, POB shipping point invoice dated July 31. View transaction list Journal entry worksheet