Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable, for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $15,400 under credit terms of 1/15, 1/30, FOB factory, 2 Sold merchandise to Terra Co. for $2,900 under credit terms of 2/10, 1/60, FOS shipping point. The merchandise had cost 3 d 5510 for freight charges on the purchase of July 1. 8 Said serchandise that cost $4,125 for $5,400 cash. Purchased merchandise from Keene Co. for $5,800 under credit terms of 2/15, 1/60, FOB destination 12 ceived a $1,500 credit reno acknowledging the return of merchandise purchased on July 9. 12 ceived the balance due from Terra Co. for the credit sale dated July 2. urchased office supplies from Eastco on credit, 5000, 1/30 10old the balance due to Jones Company old merchandise that cost 13,150 to urban co for $4,100 under credit terms of 2/15, 1/60, Po shipping point. issued a $340 credit nemo to Urban Co. for an allowance on goods sold on July 19. Received debit nemo from Urban Co. for an error that overstated the total invoice by $260. Paid Keene Co. the balance due Received the balance due from Urban Co. for the credit sale dated July 19 Sold merchandise that cost $8,100 to Terra Co. for $10,000 under credit terus of 1/10, 1/6, FOB shipping point. ansactions