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i need help asap Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory system and the gross method.
i need help asap Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each recelvable and payable; for example, record the purchase on July 1 in Accounts Payable-King) July 1 Purchased merchandise from King Cospany for $6,800 under credit terns of 1/15,n/30, FOB shipping point, invoice dated July 1. July 2 Sold nerchandise to Wright Company for $1,300 under credit teres of 2/10,n/60, F0B shipping point, invoice dated July 2. The nerchandise had cost $780. July 3 Paid $285 cash for freight charges on the purchase of July 1. July 8 sold merchandise that had cost $1,500 for $2,500 cash. July 9 Purchased nerchandise from Lee Company for $2,600 under credit terms of 2/15,n/60, F08 destination, invoice dated July 9. July 11 Returned $500 of nerchandise purchased on July 9 fron Lee Conpany and debited its account payable for that anount. July 12 Received the balance due fron Wright Company for the invoice dated Juty 2, net of the discount. July 16 Paid the balance due to King Corpany within the discount period. July 19 Sold merchandise that cost $1,400 to Grif1in Company for 52,000 under credit terms of 2/15, n/60, F08 shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of \$4ee to Griftin Conpany for merchandise sold on July 19 and credited Griffin's accounts receivable for that anount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the batance due fron Griffin Cospany for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $4,7e0 to Wright Cospany for $7,800 under credit teras of 2/10, n/60, F08 shipping point, invoice dated July 31 . Prepare a multiple-step income statement through the calculation of gross profit
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