Journal entry worksheet 1 ... 10 11 12 13 14 15 16 17 Received the balance due from Art Co. for the invoice dated July 19, net of discount. Note: Enter debits before credits. General Journal Debit Credit Date July 30 Cash Sales discounts Accounts receivable-Art Record entry Clear entry View general journal Prepare journal entries to record the following merchandising transactions of Cabela'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-Boden. July 1 Purchased merchandise from Boden Company for $6,998 under credit terms of 2/15, n/30, FOB shipping point, 2 Sold merchandise to Creek Co. for $958 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $575. 3 Paid $105 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,200 for $2,600 cash. 9 Purchased merchandise from Leight Co. for $2,300 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. 11 Returned $300 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that 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 $1,000 to Art Co. for $1,500 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. 21 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on July 19 and credited Art's accounts receivable for that amount. 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 $5,700 to Creek Co. for $7,300 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31