For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry (All purchases on credit are made with terms of 2/10, n/30, and Buckeye uses the periodic system of inventory.) July Transactions: July 3 Purchased merchandise on credit from Wildcat Corp. for $3,400 12 Paid amount owed to Wildcat Corp.. e th Trai CHART OF ACCOUNTS Buckeye Corporation General Ledger ASSETS 111 Cash 121 Accounts Receivable 125 Interest Receivable 141 Inventory 152 Prepaid Insurance 154 Supplies 174 Equipment 179 Accumulated Depreciation. LIABILITIES REVENUE 411 Sales Revenue EXPENSES 500 Cost of Goods Sold 510 Purchases 515 Transportation-In 521 Salaries Expense 532 Utilities Expense 533 Insurance Expense 534 Rent Expense 1 Chart Of Accounts 141 liverury 152 Prepaid Insurance 154 Supplies 174 Equipment 179 Accumulated Depreciation LIABILITIES 211 Accounts Payable 231 Salaries and Wages Payable 235 Notes Payable 261 Income Taxes Payable 510 Purchases 515 Transportation-In 521 Salaries Expense 532 Utilities Expense 533 Insurance Expense 534 Rent Expense 537 Supplies Expense 541 Depreciation Expense 551 Advertising Expense 559 Miscellaneous Expenses 810 Interest Expense 910 Income Tax Expense EQUITY 311 Capital Stock 331 Retained Earnings 1 2 3 DATE GENERAL JOURNAL ACCOUNT TITLE Jul. 3 POST. REF. DEBIT CREDIT IMPACT ON FINANCIAL STATEMENTS INCOME STATEMENT PAGE 1 BALANCE SHEET REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY REVENUE EXPENSES NET INCOME