Assignment 3 Journalize entries (Merchandising) Instruction: Prepare the answers in written form using a clean paper (e.g. Yellow pad, bond paper, notebook etc.) and submit a snapshot in CANVAS. Prepare journal entries to record the following merchandising transactions of Knight's, which uses the periodic inventory system and the gross method. Jul. 1 Knight purchased merchandise from Hall Company for 10,200 under credit terms of 1/15, n/30, invoice dated July 1. Jul. 2 Sold merchandise to Walker Co. for 3,000 under credit terms of 2/10,n/60. Invoice dated July 2. Jul. 8 Sold merchandise for 5,900 cash. Jul. 9 Purchased merchandise from Brown Co. for 4,300 under credit terms of 2/15, n/60. Invoice dated July 9. Jul. 11 Returned 900 of merchandise purchased on July 9 from Brown Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Walker Co, for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Hall Company within the discount period. Jul. 24 Paid Brown Co. the balance due, net of discount. Jul. 30 Received the balance due from Wilson Co. for the invoice dated July 19, net of discount