JZ Savod Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. amount. July 1 Purchased merchandise from Boden Company for $6,708 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, 1/68, FOB shipping point, invoice dated July 2. The merchandise had cost $558. July 3 paid $130 cash for freight charges on the purchase of July 1. July & Sold merchandise that had cost $2,eee for $2,400 cash. July 9 Purchased merchandise from Leight Company for $2,400 under credit terms of 2/15, n/68, FOB destination, invoice dated July 9. July 11 Returned $400 of merchandise purchased on July 9 from Leight company and debited its account payable for that July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cost $1,000 to Art Company for $1,5ee under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $250 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for that amount July 24 Paid Leight Company the balance due, net of discount. July 30 Received the balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,500 to Creek Company for $6,800 under credit terms of 2/10, 1/6, FOB shipping point, invoice dated July 31. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 B 17 Purchased merchandise from Boden Company for $6.700 under credit terms of View transaction list Journal entry worksheet Go Record cost of merchandise sold, $2,000. Note: Enter debits before credits Date General Journal Debit Credit July 08 Record entry Clear entry View general journal ompany the balance due, net of discount. July 38 Received the balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,500 to Creek Company for $6,800 under credit terms of 2/10, n/6 point, invoice dated July 31. View transaction list Journal entry worksheet Purchased merchandise from Leight Co. for $2,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Note: Enter debits before credits. Date General Journal Debit July 09 Credit Record entry Clear entry View general journal e, net of discount. July 30 Received the balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,500 to Creek Company for $6,800 under credit terms of 2/1e, n/60, FC point, invoice dated July 31. View transaction list Journal entry worksheet Returned $400 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. Note: Enter debits before credits Date General Journal Debit Credit July 11 Record entry Clear entry View general Journal the balance due from Art Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,500 to Creek Company for $6,800 under credit terms of 2/10, n/ point, invoice dated July 31. View transaction list Journal entry worksheet
