html ?returnUrls https%3A%2F%2F Help Prepare journal entries to record the following merchandising transactions of Clinton'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-Sanchez.) Jul. 1 Purchased merchandise from Sanchez Company for $10,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. invoice dated July 2. The merchandise had cost $1,980. Sold merchandise that had cost $3 destination, invoice dated July 9. purchased on July 9. Jul. 2 Sold merchandise to Perez Co. for $3,300 under credit terms of 2/10, n/60, FOB shipping point, Jul. 3 Paid $1,e85 cash for freight charges on the purchase of July 1 Jul. 8 ,900 for $6,500 cash. Jul. 9 Purchased merchandise from Gonzalez Co. for $4,600 under credit terms of 2/15, n/60, FOB Jul. 11 Received a $9e0 credit memorandum from Gonzalez Co. for the return of part of the merchandise Jul. 12 Received the balance due from Perez Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Sanchez Company within the discount period. ul. 19 Sold merchandise that cost $4,200 to Lee Co. for $6,e00 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Jul. 21 Issued a $1,200 credit memorandum to Lee Co. for an allowance on goods sold on July 19. Jul. 24 Paid Gonzalez Co. the balance due, net of discount. Jul. 30 Received the balance due from Lee Co. for the invoice dated July 19, net of discount. Dul. 31 Sold merchandise that cost $7,100 to Perez Co. for $11,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. 0 General Trial Balance Schedule of Schedule of Income Impact on Receivables Payables Journal Statement Income Prepare a multiple-step income statement through the calculation of gross profit. Clinton's Company General Journal Schedule of Schedule of Income Statemer General Trial Balance Receivables Ledger Payables Prepare a multiple-step income statement through the calculation of gross profit. Clinton's Company Partial Income Statement For the Month Ended July 31, 2017 0 Impact on Income> K Schedule of Payables Prex 4 of 7N