journalize the merchants transactions. prepare the income statement through the calculation of gross profit. indicactr the imapct each transaction had on net income

Prepare journal entries to record the following merchandising transactions of Allen'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-Perez Jul. 1 Purchased merchandise from Perez Company for 39,200 under credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Cabela Co. for $2,500 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,500. Jul. 3 Paid $765 cash for freight charges on the purchase of July 1. Jul 8 Sold merchandise that had cost $2,900 for $4,900 cash. Jul. 9 Purchased merchandise from Wright Co. for $9,800 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. Jul. 11 Returned $800 of merchandise purchased on July 9 from Wright Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Cabela Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Perez Company within the discount period. Jul. 19 Sold serchandise that cost $3,100 to Lee Co. for $4,400 under credit terms of 2/15, n/60, FOB shipping point, Invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $900 to Lee Co. for merchandise sold on July 19, and credited Lee's accounts receivable for that amount. Jul. 24 Paid Wright Co. the balance due, net of discount. Jul. 38 Received the balance due from Lee Co. for the invoice dated July 19, net of discount. Jul 31 Sold merchandise that cost $6,100 to Cabela Co. for $10,200 under credit terms of 2/10, 1/68, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. Income Statement tab - Prepare the income statement through the calculation of gross profit Impact on Income tab - Indicate the impact each transaction had on net income, 1 Jul. 1) Purchased merchandise from Perez Company for $9,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 1 CI 2 Jul. 2) Sold merchandise to Cabela Co. for $2,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. 3 Jul. 2) The cost of the merchandise sold to Cabela Co. was $1,500. 4 Jul. 3) Paid $765 cash for freight charges on the purchase of July 1. 5 Jul. 8) Sold merchandise for $4,900 cash. Note: journal entry has been entered Record entry Clear entry View www 6 Jul. 8) The cost of the merchandise sold was $2,900. Jul. 9) Purchased merchandise from Wright Co. for $3,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 8 Jul. 11) Returned $800 of merchandise purchased on July 9 from Wright Co., and debited its account payable for that amount. 9 Jul. 12) Received the balance due from Cabela Co. for the invoice dated July 2, net of the discount. 10 Jul. 16) Paid the balance due to Perez Company within the discount period. Note : journal entry has been entered ST X - 17 11 Jul. 19) Sold merchandise to Lee Co. for $4,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. credit 12 Jul. 19) The cost of the merchandise sold to Lee Co. was $3,100. 13 Jul. 21) Gave a price reduction (allowance) of $900 to Lee Co. for merchandise sold on July 19, and credited Lee's accounts receivable for that amount. Credit 14 Jul. 24) Paid Wright Co. the balance due, net of discount. 15 Jul. 30) Received the balance due from Lee Co. for the invoice dated July 19, net of discount. Note : - journal entry has been entered Record entry Clear entry View general je 13 Jul. 21) Gave a price reduction (allowance) of $900 to Lee Co. for merchandise sold on July 19, and credited Lee's accounts receivable for that amount. 14 Jul. 24) Paid Wright Co. the balance due, net of discount. 15 Jul. 30) Received the balance due from Lee Co. for the invoice dated July 19, net of discount. 16 Jul. 31) Sold merchandise to Cabela Co. for $10,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. 17 Jul. 31) The cost of the merchandise sold to Cabela Co. was $6,100. Note : journal entry has been entered 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. Allen's Company Partial Income Statement For the Month Ended July 31, 2019 Dates: Jul 01 to: Jul 31 Impact on income Increase (decrease) to income July 1) Purchased merchandise from Perez Company for $9,200 under credit terms of 1/15, 1/30, FOB shipping point, invoice dated July 1 July 2) Sold merchandise to Cabela Co for $2,500 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2 July 2) The cost of the merchandise sold to Cabela Co. was $1,500 July 3) Paid $765 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $4,900 cash. July 8) The cost of the merchandise sold was $2,900, July 9) Purchased merchandise from Wright Co. for $3,800 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9 July 11) Returned $800 of merchandise purchased on July 9 from Wright Co and debited its account payable for that amount July 12) Received the balance due from Cabela Co. for the invoice dated July 2 net of the discount July 16) Paid the balance due to Perez Company within the discount period July 19) Sold merchandise to Lee Co for $4,400 under credit terms of 2/15, 1/60, FOB shipping point, Invoice dated July 19 July 19) The cost of the merchandise sold to Lee Co. was $3,100 M 2 Next July 11) Returned $800 of merchandise purchased on July 9 from Wright Co., and debited its account payable for that amount July 12) Received the balance due from Cabela Co for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Perez Company within the discount period July 19) Sold merchandise to Lee Co. for $4,400 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19 July 19) The cost of the merchandise sold to Lee Co was $3,100 July 21) Gave a price reduction (allowance) of $900 to Lee Co. for merchandise sold on July 19, and credited Lee's accounts receivable for that amount July 24) Paid Wright Co the balance due, net of discount. July 30) Received the balance due from Lee Co. for the invoice dated July 19, net of discount July 31) Sold merchandise to Cabela Co. for $10,200 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Cabela Co was $6.100 Total gross profit