GLO401 - 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 terns of 1/15, 1/30, POB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to all co. for $3,800 under credit terms of 2/10, 1/60, FOB 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. Jul 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, POB destination, invoice dated July 9. Jul. 11 Returned $1,000 of merchandise purchased on July from Clinton Co. and debited its 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 term of 2/15, 1/60, VOB shipping point, invoice dated July 19. Jul. 21 Gave a 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 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 Prepare a multiple-step income statement through the calculation of gross profit. Zhang's Company Partial Income Statement For the Month Ended July 31, 2019 $ 0 $ 0 0 0 0 0 $ 0