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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,200 under credit terms of 2/15, n/30, FoB shipping point, invoice dated July 1 . July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $517. July 3 Paid $135 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,500 for $1,900 cash. July 9 Purchased merchandise from Leight Company for $2,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9 July 11 Returned $800 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cost $1,200 to Art Company for $1,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 . July 21 Gave a price reduction (allowance) of $300 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for that amount. July 24 Paid Leight Company the balance due, net of discount. July 30 Received the balance due from Art Company for the invoice dated July 19 , net of discount. July 31 Sold merchandise that cost $5,000 to Creek Company for $6,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 234567817 Purchased merchandise from Boden Company for $6,200 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. 1 Purchased merchandise from Boden Company for $6,200 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10,n/60,FOB shipping point, invoice dated July 2. 3 Record the cost of merchandise sold, $517. 4 Paid $135 cash for freight charges on the purchase of July 1. 6 Record cost of merchandise sold, $1,500. 7 Purchased merchandise from Leight Co. for $2,800 under credit terms of 2/15,n/60, FOB destination, invoice dated July 9. 8 Returned $800 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 9 Received the balance due from Creek Co. for the invoice dated July 2 , net of the discount. 10 Paid the balance due to Boden Company within the discount period. 11 Sold merchandise to Art Co. for $1,800 under credit terms of 2/15,n/60, FOB shipping point, invoice dated July 19. 12 Record cost of merchandise sold, $1,200. 13 Gave a price reduction (allowance) of $300 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. 14 Paid Leight Co. the balance due, net of discount. 15 Received the balance due from Art Co. for the invoice dated July 19 , net of discount. 16 Sold merchandise to Creek Co. for $6,800 under credit Note : = journal entry has been entered 13 Gave a price reduction (allowance) of $300 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. 14 Paid Leight Co. the balance due, net of discount. 15 Received the balance due from Art Co. for the invoice dated July 19 , net of discount. 16 Sold merchandise to Creek Co. for $6,800 under credit terms of 2/10,n/60,FOB shipping point, invoice dated July 31