Jul. Jul. Jul. Prepare journal entries to record the following merchandising transactions of Carter's, which uses the perpetual inventory system and the gross method. Hint: it will help to identity each receivable and payable, for example, record the purchase on July in Accounts Payable-Mannion. 1 Purchased merchandise fron Mannion Company for $9,800 under credit terms of 1/15, we, Foo shipping point, invoice dated 2 Sold merchandise to Gonzalez Co. for $2,800 under credit terms of 2/10, n/6, Fog shipping point, invoice dated July 2. The merchandise had cost $1,689 3 Paid $885 cash for freight charges on the purchase of July 1. Jul 8 Sold merchandise that had cost $3,300 for $5,500 cash. 9 Purchased serchandise from Knight Co. for 54,100 under credit terns of 2/15, 1/60, FOB destination, invoice dated July Jul. 11 Returned $880 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Gonzalez Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Mannion Company within the discount period. Jul. 19 Sold merchandise that cost $3,500 to Lane Co. for $5,000 under credit terms of 2/15, 1/6e, Foo shipping point, invoice dated July 19 Jul. 21 Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount. Jul. 24 Paid Knight Co.I the balance due, net of discount Jul. 38 Received the balance due from Lane Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $6,50e to Gonzalez Co. for $10,80e under credit terms of 2/10, 1/60, FB shipping point, invoice Jul. dated July 31. Income Impact on Insome General Ledger Account Cash Accounts receivablo - Mannion No. Dato Debit Credit Balance No. Date Debit Balance Credit 25,500 0 Jul 01 10 Jul 16 98 25,402 1 Jul 01 9,800 (9,800) Merchandise inventory Accounts payable - Gonzalez No. Date Credit Debit Balance No. Credit Balance Date Debit 0 Jul 01 10,000 2 Julho 2,800 (2.800) Sales Carter, Capital Debit No. Date Credit Balance Balance Debit No. Credit Date Jul 01 0 35,500 Jul 01 2 Jul 02 2,800 2,800 7,800 11 Jul 19 5,000 Purchases discounts Purchases Balance No. Debit Date Credit Balance No. Date Debit Credit 0 0 56 56 Jul 12 9 9,800 1 Jul 01 9,800 Prepare a multiple-step income statement through the calculation of gross profit. Carter's Company Partial Income Statement For the Month Ended July 31, 2019 $ 0 $ 0 0 OO 0 $ $ 0 Impact on income Increase (decrease) to income July 1) Purchased merchandise from Mannion Company for $9,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Gonzalez Co. for $2,800 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2 July 2) The cost of the merchandise sold to Gonzalez Co. was $1,680 July 3) Paid $885 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $5,500 cash. July 8) The cost of the merchandise sold was $3,300 July 9) Purchased merchandise from Knight Co. for $4,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Returned $800 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount July 12) Received the balance due from Gonzalez Co for the invoice dated July 2, net of the discount July 16) Paid the balance due to Mannion Company within the discount period July 19) Sold merchandise to Lane Co. for $5,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Lane Co. was $3,500 July 21) Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount. July y . UURUUUUUULIIVIVU VREMY I VIUI TV under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Returned $800 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount. July 12) Received the balance due from Gonzalez Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Mannion Company within the discount period July 19) Sold merchandise to Lane Co. for $5,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Lane Co. was $3,500 July 21) Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount July 24) Paid Knight Co the balance due, net of discount July 30) Received the balance due from Lane Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Gonzalez Co. for $10,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Gonzalez Co. was $6,500 Total gross profit $ $ Jul. Jul. Jul. Prepare journal entries to record the following merchandising transactions of Carter's, which uses the perpetual inventory system and the gross method. Hint: it will help to identity each receivable and payable, for example, record the purchase on July in Accounts Payable-Mannion. 1 Purchased merchandise fron Mannion Company for $9,800 under credit terms of 1/15, we, Foo shipping point, invoice dated 2 Sold merchandise to Gonzalez Co. for $2,800 under credit terms of 2/10, n/6, Fog shipping point, invoice dated July 2. The merchandise had cost $1,689 3 Paid $885 cash for freight charges on the purchase of July 1. Jul 8 Sold merchandise that had cost $3,300 for $5,500 cash. 9 Purchased serchandise from Knight Co. for 54,100 under credit terns of 2/15, 1/60, FOB destination, invoice dated July Jul. 11 Returned $880 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Gonzalez Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Mannion Company within the discount period. Jul. 19 Sold merchandise that cost $3,500 to Lane Co. for $5,000 under credit terms of 2/15, 1/6e, Foo shipping point, invoice dated July 19 Jul. 21 Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount. Jul. 24 Paid Knight Co.I the balance due, net of discount Jul. 38 Received the balance due from Lane Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $6,50e to Gonzalez Co. for $10,80e under credit terms of 2/10, 1/60, FB shipping point, invoice Jul. dated July 31. Income Impact on Insome General Ledger Account Cash Accounts receivablo - Mannion No. Dato Debit Credit Balance No. Date Debit Balance Credit 25,500 0 Jul 01 10 Jul 16 98 25,402 1 Jul 01 9,800 (9,800) Merchandise inventory Accounts payable - Gonzalez No. Date Credit Debit Balance No. Credit Balance Date Debit 0 Jul 01 10,000 2 Julho 2,800 (2.800) Sales Carter, Capital Debit No. Date Credit Balance Balance Debit No. Credit Date Jul 01 0 35,500 Jul 01 2 Jul 02 2,800 2,800 7,800 11 Jul 19 5,000 Purchases discounts Purchases Balance No. Debit Date Credit Balance No. Date Debit Credit 0 0 56 56 Jul 12 9 9,800 1 Jul 01 9,800 Prepare a multiple-step income statement through the calculation of gross profit. Carter's Company Partial Income Statement For the Month Ended July 31, 2019 $ 0 $ 0 0 OO 0 $ $ 0 Impact on income Increase (decrease) to income July 1) Purchased merchandise from Mannion Company for $9,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Gonzalez Co. for $2,800 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2 July 2) The cost of the merchandise sold to Gonzalez Co. was $1,680 July 3) Paid $885 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $5,500 cash. July 8) The cost of the merchandise sold was $3,300 July 9) Purchased merchandise from Knight Co. for $4,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Returned $800 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount July 12) Received the balance due from Gonzalez Co for the invoice dated July 2, net of the discount July 16) Paid the balance due to Mannion Company within the discount period July 19) Sold merchandise to Lane Co. for $5,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Lane Co. was $3,500 July 21) Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount. July y . UURUUUUUULIIVIVU VREMY I VIUI TV under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Returned $800 of merchandise purchased on July 9 from Knight Co., and debited its account payable for that amount. July 12) Received the balance due from Gonzalez Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Mannion Company within the discount period July 19) Sold merchandise to Lane Co. for $5,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Lane Co. was $3,500 July 21) Gave a price reduction (allowance) of $1,000 to Lane Co. for merchandise sold on July 19, and credited Lane's accounts receivable for that amount July 24) Paid Knight Co the balance due, net of discount July 30) Received the balance due from Lane Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Gonzalez Co. for $10,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Gonzalez Co. was $6,500 Total gross profit $ $