GL0401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Wilson'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 July 1 in Accounts Payable-Zhang.) July 1 Purchased merchandise from Zhang Company for $2,400 under credit terms of 1/15, n/30, For shipping point, invoice dated July 1. July 2 Sold merchandise to Knight Company for $1,600 under credit terms of 2/10, n/68, FOG shipping point, invoice dated July 2. The merchandise had cost $960. July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,900 for $3,100 cash. July 9 Purchased merchandise from Taylor Company for $2,900 under credit terms of 2/15, 1/60, FOB destination, invoice dated July July 11 Returned $6ee of merchandise purchased on July 9 from Taylor Company and debited its account payable for that amount. July 12 Received the balance due from Knight Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Zhang Company within the discount period. July 19 Sold merchandise that cost $1,800 to Wright Company for $2,600 under credit terms of 2/15, 1/60, FB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $500 to Wright Company for merchandise sold on July 19 and credited Wrights accounts receivable for that amount. July 24 Paid Taylor Company the balance due, net of discount, July 3e Received the balance due from Wright Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,88 to Knight Company for $8,400 under credit terms of 2/10, n/6B, FOB shipping point, invoice dated July 31. 9. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income tin thn mehndinn netine The Ronan for at halance and cha