3 Prepare journal entries to record the following merchandising transactions of Turner'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-Griffin 3.34 points Jul 1Purchased merchandise tron Griffin company for $10,400 under credit tans of 1/15, 1/30, POB shipping point, Svoice dated July 1. Jul 2 told merchandise to Wilson Co. for $3,100 under credit terns of 2/10, 1/40, POB shipping point. Invoice dated July 2. The merchandise had cost 31,660. 3 Paid $1.005 cash for freight charge on the purchase of holy 1. Jui. #sold merchandise that had cost $3,700 for $6,100 cash JulTurchased merchandise fron Lee Co. for $4,400 under credit term of 2/15, 1/60, POB destination, Invoice dated Moly Jol. 11 Returned 9900 of merchandise purchased on July 9 from Lee Co., and debited Ite account payable for that incant. Jal. 12 oceived the balance de tron Milson Co. for the invoice dated July 2, net of the discount. Jl. 16 Paid the balance due to arcin Company within the discount period Jal. 19 fold serchandise that cout 33,900 to Carel Co. for $5,600 under credit terns of 3/15, 1/40, TOB shipping point invoice dated July 19. ou 31 nve price reduction towance) of $1,100 to Garcia Co. for merchandise old only 19, and credited Garcial.ets receivable for that mount. Jl. 24 Paid Lee Co. the balance due, te of discount. 1.30 Wolved the balance due tro Careco. for the most dated July 19. net of discount. 301. 31 Bold merchandise that cont 36,000 to 1 Co. for $11,000 for credit tons of 1/10, 1/6, Toshipping point, Invoice dated uly General General Schedule of Schedule of Income Recurement Thaton Loger TriBalance 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 Journal entry worksheet 2 12 > ul. 1) Purchased merchandise from Griffin Company for $10,400 under Credit terms of 1/15, 130, FOB shipping point invoice dated July 1 3 Requirement General Journal General Ledger Trial Balance Schedule of Recevables 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. 8.34 point View transaction list Journal entry worksheet 3 Jul. 1) Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, 1/30, FOB shipping point, Involce dated July 1. Note Enter debts before credits Account Title Debit Credit Me Jul 01 Record entry Clear entry View general Journal