Adams Co. reports the following balance sheet accounts as of December 31 $ Salaries payable Buildings Prepaid rent Merchandise inventory Accounts payable Prepaid insurance Accounts receivable Common stock 6,300 59,800 7,3ee 14,6ee 13,000 3,6ee 7,880 13,eee Retained earnings Notes payable (due in 9 years) Office supplies Land Accumulated depreciation-Building Mortgages payable (due in 5 years) Cash $ 53, eee 36, eee 2,600 28, eee 5,600 18, eee 22,eee Rennrode merchandise had cost $550. 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 $6,600 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated 2 Sold merchandise to Creek Co. for $900 under credit terns of 2/10, 1/60, FOB shipping point, invoice dated July 2. The 3 Paid $130 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,9ee for $2,3ee cash. 9 Purchased merchandise from Leight Co. for $2,800 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. 11 Returned seee of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to bioden Company within the discount period. 19 Sold merchandise that cost $1,eee to Art Co. for $1,5ee under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19 21 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. 24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $5,400 to Creek Co. for $7,380 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.