End of Chapter Problems Prepare journal entries to record the following merchandising transactions of Lou's, which uses the perpetual Inventory syste grocs method. Hint it will help to identify each receivable and payable: for example, record the purchase on August 1 in Acco Aron Purchased merchandise from Aron Company for $9,000 under credit terns of 1/10, /3, FOB destination, Invoice date 1 Sold merchandise to Baird Corp. for $5,60 under credit terms of 2/10, 1/6, FOB destination, Invoice dated August merchandise had cost $4,000 Purchased merchandise from Waters Corporation for 57,000 under credit terns of 1/10, I/S, FOB shipping point. Im dated August 9 Paid $190 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 Lou's $500 and was sold for 51.cee. The chandis restored to inventory 12 After negotiations with waters Corporation concerning problems with the purchases on August 3, Lou's recadas reduction from waters of 5700 oft the $7,000 of goods purchased. Lou's debited accounts payable for 5700 14 At Aron's request, Lou's paid $400 cash for freight charges on the August 1 purchase, reducing the mounta payable) to Aron. 15 Received balance due tron Bird Corp. for the August 5 sale less the return on August 10. I Paid the amount due Waters Corporation for the August #purchas less the orice allowance from August 12. 19 50Td merchandise to Tux Co. for $4, se under credit ters of w/10, FOB shipping point, Invoice dated August 19. merchandise had cost $2.400. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not met specifications low's price reduction allowance) + See to Tex and credited Tue's accounts receivable for that mount. 29 Received Tuxts cash payment for the amount due from the august 19 salut less the price allowance tromt 22 30 Pala Aron Company the amount we tro the August I purchase View Journal entry worksheet 2 4 5 > 10 Purchased merchandise from aron Company for $8:000 under credit term of 1/10 1/30 FOB destination invoice dated August 1 General Journal Cot P a o e here to search