GL0401 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Zhang'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-Turner) Jul. 1 Purchased merchandise from Turner Company for $11,800 under credit terms of 1/15, 1/30, POB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Hall Co. for $3,800 under credit terms of 2/10, 1/60, TOB shipping point, invoice dated July 2. The merchandise had cost $2,280. Jul 3 Paid $1,285 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $4,500 for $7,500 cash. Jul 9 Purchased merchandise from clinton Co. for $5,100 under credit terms of 2/15, 1/60, POB destination, invoice dated July 9. Jul. 11 Returned $1,000 of merchandise purchased on July 9 from Clinton Co. and debited Ito account payable for that amount. Jul. 12 Received the balance due fron Hall Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Turner Company within the discount period. Jul. 19 Sold merchandise that cost $4,900 to Thompson Co. for $7,000 under credit terms of 2/15, n/60, TOB shipping point, invoice dated July 19. Jul. 21 Gave price reduction (allowance) of $1,400 to Thompson Co. for merchandise sold on July 19 and credited Thompson's accounts receivable for that amount. Jul. 24 Paid Clinton Co. the balance due, net of discount Jul 30 Received the balance due fron Thompson Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $7,700 to all co. for $12,800 under credit terms of 2/10, n/60, TOB shipping point, invoice dated July 31. Requirement General General Schedule of Trial Balance Schedule of Income Journal Impact on Ledger Receivables Payables Statement Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction lit Journal entry worksheet 4 5 6 7 B 17 Purchased merchandise from Turner Company for $11,800 under Credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1 Note Enter det before credits Account Title Debit Credit July 2. The merchandise had cost $2,280. Jul. 3 Paid $1,285 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $4,500 for $7,500 cash. Jul. 9 Purchased merchandise from Clinton Co. for $5,100 under credit terms of 2/15, n/60, FOB destination, in dated July 9. Jul. 11 Returned $1,000 of merchandise purchased on July 9 from Clinton Co. and debited its account payable for amount. Jul. 12 Received the balance due from Hall Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Turner Company within the discount period. Jul. 19 Sold merchandise that cost $4,900 to Thompson Co. for $7,000 under credit terms of 2/15, 1/60, POB shipping point, invoice dated July 19. Jul. 21 Gave price reduction (allowance) of $1,400 to Thompson Co. for merchandise sold on July 19 and credite Thompson's accounts receivable for that amount. Jul. 24 Paid Clinton Co. the balance due, net of discount. Jul. 30 Received the balance due from Thompson Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $7,700 to Hall Co. for $12,800 under credit terms of 2/10, n/60, POB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Zhang's Company Trial Balance July 31, 2019 Account Title Credit $ Debit 26.000 13,000 Cash Merchandise inventory Common stock Total 39,000 39,000 $ 39,000 $