Help Save & Exit Prepare foumal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, 1/30, FOU shipping point, Involce dated July July 25old merchandise to Parker Company for $1,500 under credit terns of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,000 July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash Suly 9 Purchased merchandise from Thompson Company for $3,100 under credit terns of 2/15, 1/60, FOB destination, invoice dated July 9. July 11 Returned 5600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July12 Received the balance due from Parker Company for the invoice dated July 2, net of the discount July 16 Paid the balance due to Lee Company within the discount period July 19 sold merchandise that cost $2,100 to Mitchell Company for $3,000 under credit terns of 2/15, 1/60. FOB shipping point, Invoice dated July 19. July 21 Gave price reduction (allowance) of 5600 to Mitchell Company for merchandise sold on July 19 and credited Mitchell's accounts receivable for that amount. July 24 Paid Thompson Company the balance due, net of discount July 30 Received the balance due from itchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost 55,300 to Parker Company for $0,500 under credit tons of 2/10, 1/60, FOB shipping point, Involce dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title Click on any of the individual amounts to return to the underlying journal entry Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash No. Merchandise inventory Debit Credit Debit Credit Date Jul 01 No. Balance 25,000 Date Jul 01 Balance 7,000 General Journal Trial Balance > Perez's Company Trial Balance July 31, 2021 Account Title Credit S Cash Merchandise inventory Total Debit 25,000 7,000 32,000 $ s Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income No input required Dates: Jul 01 to: Jul 31 0 Perez's Company Schedule of Accounts Receivable Accounts receivable - Mitchell Accounts receivable - Lee Accounts receivable - Parker Accounts receivable - Thompson 0 8,800 0 0 Total accounts recelvable 8.800 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income No input required Dates: Jul 01 ho fo: Jul 31 0 Perez's Company Schedule of Accounts Payable Accounts payable - Mitchell Accounts payable - Lee Accounts payable - Parker Accounts payable - Thompson 0 0 0 0 0 Total accounts payable Schedule of Receivables Income Statement > 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. Perez's Company Partial Income Statement For the Month Ended July 31, 2021 Oestion wal7831 CS CS $ Question X Osor cation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fblackboard.ualr.edu%252Fweb Saved Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Decreases in net income should be entered with a minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement Impact on Income Increase (decrease) to Income July 1) Purchased merchandise from Lee Company for $7.800 under credit terms of 1/15 n/30, FOB shipping point, Invoice dated July 1 July 2) Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, 1/60, FOB shipping point invoice dated July 2 July 2) The cost of the merchandise sold to Parker Company was $1,080 July 3) Paid S485 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $3,500 cash July 8) The cost of the merchandise sold was $2,100 July 9) Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, 1/60, FOB destination Invoice dated July 9 July 11) Received a 5600 credit memorandum from July 9) Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15 n/60, FOB destination, invoice dated July 9. July 11) Received a $600 credit memorandum from Thompson Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Parker Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Lee Company within the discount period July 19) Sold merchandise to Mitchell Company for $3,000 under credit terms of 2/15, n/60, FOB shipping point invoice dated July 19 July 19) The cost of the merchandise sold to Mitchell Company was $2,100, July 21) Issued a $600 credit memorandum to Mitchell Company for an allowance on goods sold on July 19 July 24) Paid Thompson Company the balance due, net of discount July 30) Received the balance due from Mitchell Company for the invoice dated July 19, net of discount July 31) Sold merchandise to Parker Company for $8,800 under credit terms of 2/10, 1/60. FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Parker Company was $5,300, Total gross profit Income Statement Help Save & Exit Prepare foumal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, 1/30, FOU shipping point, Involce dated July July 25old merchandise to Parker Company for $1,500 under credit terns of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,000 July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash Suly 9 Purchased merchandise from Thompson Company for $3,100 under credit terns of 2/15, 1/60, FOB destination, invoice dated July 9. July 11 Returned 5600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July12 Received the balance due from Parker Company for the invoice dated July 2, net of the discount July 16 Paid the balance due to Lee Company within the discount period July 19 sold merchandise that cost $2,100 to Mitchell Company for $3,000 under credit terns of 2/15, 1/60. FOB shipping point, Invoice dated July 19. July 21 Gave price reduction (allowance) of 5600 to Mitchell Company for merchandise sold on July 19 and credited Mitchell's accounts receivable for that amount. July 24 Paid Thompson Company the balance due, net of discount July 30 Received the balance due from itchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost 55,300 to Parker Company for $0,500 under credit tons of 2/10, 1/60, FOB shipping point, Involce dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title Click on any of the individual amounts to return to the underlying journal entry Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash No. Merchandise inventory Debit Credit Debit Credit Date Jul 01 No. Balance 25,000 Date Jul 01 Balance 7,000 General Journal Trial Balance > Perez's Company Trial Balance July 31, 2021 Account Title Credit S Cash Merchandise inventory Total Debit 25,000 7,000 32,000 $ s Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income No input required Dates: Jul 01 to: Jul 31 0 Perez's Company Schedule of Accounts Receivable Accounts receivable - Mitchell Accounts receivable - Lee Accounts receivable - Parker Accounts receivable - Thompson 0 8,800 0 0 Total accounts recelvable 8.800 Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income No input required Dates: Jul 01 ho fo: Jul 31 0 Perez's Company Schedule of Accounts Payable Accounts payable - Mitchell Accounts payable - Lee Accounts payable - Parker Accounts payable - Thompson 0 0 0 0 0 Total accounts payable Schedule of Receivables Income Statement > 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. Perez's Company Partial Income Statement For the Month Ended July 31, 2021 Oestion wal7831 CS CS $ Question X Osor cation.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252Fblackboard.ualr.edu%252Fweb Saved Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Decreases in net income should be entered with a minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement Impact on Income Increase (decrease) to Income July 1) Purchased merchandise from Lee Company for $7.800 under credit terms of 1/15 n/30, FOB shipping point, Invoice dated July 1 July 2) Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, 1/60, FOB shipping point invoice dated July 2 July 2) The cost of the merchandise sold to Parker Company was $1,080 July 3) Paid S485 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $3,500 cash July 8) The cost of the merchandise sold was $2,100 July 9) Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, 1/60, FOB destination Invoice dated July 9 July 11) Received a 5600 credit memorandum from July 9) Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15 n/60, FOB destination, invoice dated July 9. July 11) Received a $600 credit memorandum from Thompson Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Parker Company for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Lee Company within the discount period July 19) Sold merchandise to Mitchell Company for $3,000 under credit terms of 2/15, n/60, FOB shipping point invoice dated July 19 July 19) The cost of the merchandise sold to Mitchell Company was $2,100, July 21) Issued a $600 credit memorandum to Mitchell Company for an allowance on goods sold on July 19 July 24) Paid Thompson Company the balance due, net of discount July 30) Received the balance due from Mitchell Company for the invoice dated July 19, net of discount July 31) Sold merchandise to Parker Company for $8,800 under credit terms of 2/10, 1/60. FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Parker Company was $5,300, Total gross profit Income Statement