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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.) July 1 Purchased nerchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, F08 shipping point, invoice dated July 1 . July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10,n/60, FoB shipping point, invoice dated July 2 . The merchandise had cost $1,860. Juty 3 Paid $1,005 cash for freight charges on the purchase of July 1 . July 8 Sold merchandise that had cost $3,7e6 for $6,100 cash. Juty 9 Purchased merchandise fron Lee Company for $4,400 under credit terns of 2/15,n/60, FOB destination, invoice dated July 9. July 11 Returned 590e of merchandise purchased on July 9 from Lee Company and debited its account payable for that anount. July 12 Received the balance due fron wilson Company for the invoice dated July 2 , net of the discount. July 16 Paid the batance due to Griftin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terns of 2/15, n/60, F0B shipping July point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that anount. July 24 Paid Lee Conpany the balance due, net of discount. July 30 Received the balance due from Garcia Conpany for the invoice dated July 19 , net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,4ee under credit terms of 2/10, n/6e, F0B shipping point, invoice dated July 31. General Journal tab - Joumalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically, To see the detall of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts. Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare the income statement through the calculation of gross profit. Impact on Income tab - Indicate the impact each transaction had on net income. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. ger Account The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. No input required to: July 01 \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ Turner's Company } & \\ \hline \multicolumn{2}{|c|}{ Schedule of Accounts Payable } & \\ \hline Accounts payable - Garcia & $ & 0 \\ \hline Aocounts payable - Griffin & 0 \\ \hline Accounts payable - Wilson & 0 \\ \hline Acoounts payable - Lee & & 0 \\ \hline & & 0 \\ \hline Total accounts payable & & 0 \\ \hline &