4-2B ournal entries perpetual inventory system and gross method. (Hint It will help to identify each receivable and payable; ndising oerpetual Prepare journal entries to record the following merchandising transactions of Menards, which applies the for example, record the purchase on July 3 in Accounts Payable-OLB.) July 3 Purchased merchandise from OLB Corp. for $15,000 under credit terms of 1/10, n/30, FOIB destination, invoice dated July 3 Sold merchandise to Brill Co. for S11,500 under credit terms of 2/10, n/60, FOB destination, invoice dated July 7. The merchandise had cost $7,750. 7 10 Purchased merchandise from Rupert Co.for $14.200 under credit terms of 1/10, n/45. FOB 11 shipping point, invoice dated July 10 Paid $300 cash for shipping charges related to the July 7 sale to Brill Co. Continued on next page