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-Lee) Ju1. I purchased merchandise fron lee cotpany for $9,400 under credit terns of 1/15, N/3e, F08 shipping point, invoice dated July Ju1. 2 Sold merchandise to Brown Co. for 52,660 under credit terns of 2/10,n/60, fos shipping point, involce dated July 2. The merchandise had cost $1,569. Ju1. 3 Paid 5805 cash for frefght charges on the purchase of July 1 . Ju1. 3 sold terchandise that had cost $3,10e for $5,10e cash. Ju1. 9 Purchased merchandise froe Carter co. for $3,900 under credit terns of 2/15,/6e, Fos destination, involice dated July 9. Ju1. 11 Returned 58e9 of nerchandise purchased on July 9 fron Carter co. and debited its account payable for that ancunt. Ju1. 12 Received the balance due from Erown co, for the involce dated July 2 , net of the discount. Ju1. 16 Paid the balance due to Lee Conpany within the discount period. Ju1. 19 Sold merchandise that cost $3,209 to Clark co. for \$4,6e0 under sredit term of 2/15, n/6e, fos shipoing point, invoice dated July 19 . Ju1. 21 Gave a price reduction (a1lowance) of s9ee to Clark Co. for merchandise sold on. July 19 and credited Clark's accounts receivable for that anount. Jul. 24. Paid Carter Co. the balance due, net of discount. Ju1. 3a Received the balance dut fron clark co. for the invoice dated July 19 , net of discount. Ju1. 31 sold merchandise that cost $6,200 to Brown co. for $10,400 under credit terns of 2/10,n/60, fos shipping point, involce dated July 31. Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Journal entry worksheet Purchased merchandise from Lee Company for $9,400 under credit terms of 1/15, N/30, FOB shipping point, invoice dated July 1 . Note friter cebits bedorn oredts