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Prepare journal entries to record the following merchandising transactions of Lowe'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 August 1 in Accounts Payable-Aron. Aug. 1 Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10,n/30, f0B destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10,n/60, FOB destination, invoice dated August 5 . The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $5,000 under credit terms of 1/10,n/45, F0B shipping point, invoice dated August 8 . 9 Paid $280 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8 , Lowe's received a price reduction fron Waters of $500 off the $5,000 of goods purchased. Lowe's debited accounts payable for $500. 14 At Aron's request, Lowe's paid \$430 cash for freight charges on the August 1 purchase, reducing the anount owed (accounts payable) to Aron. 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10. 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. 19 Sold merchandise to Tux Co. for $3,600 under credit terns of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,800. 22 Tux requested a price reduction on the August 19 sate because the merchandise did not meet specifications. Lowe's gave a price reduction (allowance) of $600 to Tux, and credited Tux's accounts receivable for that anount. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price atlowance froir August 22. 30 Paid Aron Company the amount due from the August 1 purchase. Journal entry worksheet Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10,n/30,FOB destination, invoice dated August 1. Note: Enter debits before credits. Journal entry worksheet Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10,n/60, FOB destination, invoice dated August 5. Note: Enter debits before credits. Journal entry worksheet 5 Record cost of merchandise sold, $3,000. Note: Enter debits before credits. Journal entry worksheet Purchased merchandise from Waters Corporation for $5,000 under credit met terms of 1/10,n/45,FOB shipping point, invoice dated August 8 . Note: Enter debits before credits. Journal entry worksheet Paid $280 cash for shipping charges related to the August 5 sale to Baird Corp. Note: Enter debits before credits. Journal entry worksheet 1 5 16 Baird returned merchandise from the August 5 sale that was sold for $1,000. Note: Enter debits before credits. Journal entry worksheet