e/chronos/u85e4d13e1f5f79c17331 679e7acff44938753b65/Downloads/Fundamenta. a e E! Problem 5-2B Preparing journal entriesperpetual inventory system and gross method. (Hint It will help to identify each receivable and payable: Prepare journal entries to record the following merchandising transactions of Menands, which applies the for example, record the parchase on July 3 in Accounts Payable-OLB) July 3 Purchased merchandise from OLB Corp. for S15,000 under credit terms of 1/10, n/3), FOB system P1 P2 destination, invoice dated July 3. Sold merchandise to Brill Co. for $11,500 under credit terms of 2/10, n/60, FOB destination, invoice dated July 7. The merchandise had cost $7.750 7 10 Purchased merchandise from Rupert Co. for $14,200 under credit terms of 1/10, n/45, FOB shipping point, invoice dated July l Paid S300 cash for shipping charges related to the July 7 sale to Brill Co Cominand on nest pap Chapler 5 Accounting for Merchandsing Operations 241 12 Brill returned merchandise from the July 7 sale that had cost Menards $1,450 and been sold for $2.000. The merchandise was restored to inventory 14 Afler negotiations with Rupert Co concerning problems with the merchandise purchased on July 10, Menands received a credit memorandum from Rupert granting a price reduction of S1.200 15 AtOLBs request, Menards paid $200) cash for freight charges on the July 3 purchase, reducing the amount owed to OLE 17 Received balance due from Brill Co. for the July 7 sale less the return on July 12 20 Paid the amount dac Rupert Co. for the July 10 purchase less the price rodaction grantial on July 14. $9.30 21 Sold merchandise to Brown for $11,000 under credit terms of I/10, n/30, FOB shipping point Check Juy 17,D Cas invoice daiod July 21. The merchandise had cost $7.000 Brown requested a price reduction on the July 21 sale because the merchandise did not meet specifications. Menards sent Brown a credit memorandam foe $1,000 toward the S11,000 in voice to resolve the issue. 24 30 Received Brown's cash payment for the amount due from the July 21 sale less the price allow oo 31 Paid OLB Corp the amount due from the July 3 purchase ance from July 24