& gross a credit memorandum toward the return of s500 ($490 net) of merchandise that it net PT n/30 purchased on October 2 Purchased uschased merchandise at a s5,400 price (S5,292 net), invoice dated Octoher 17. terms 2/10 27 Paid fo r the merchandise purchased on October 17, less the discount. Paid for the merchandise purchased on October 2. (Payment was m istakenly delayed, which caused the discount to be lost.) aconnect Cabela's, which uses the PROBI Problern ulyPuchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30. Preparing Prepare journal entries to record the following merchandising transactions of C perpetual inventory system and the gross met hod. (Hint: It will help to identify each receivable and pay- able: for example, record the purchase on July 1 in Accounts Payable-Boden.) for merch FOB shipping point, invoice dated July I sol mechandise to Creek Co. for $900 under credit terms of 2/10. n/60. FOB shipping point,set activities system P1 P2 invoice dated July 2. The merchandise had cost $500 3 Paid $125 cash for freight charges on the purchase of July I 8 Sold merchandise that had cost $1,300 for S1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9 I1 Received a $200 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $800 to Art Co. for $1.200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19. 24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $4,800 to Creek Co. for $7.000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. $1,07