My professor wants us to do this problem with the periodic system instead of the perpetual system like the textbook says.

Prepare journal entries to record the following merchandising transactions of Mason Company example, record the purchase on July 3 in Accounts Payable-OLB.) July 3 Purchased merchandise from OLB Corp. for $15,000 under credit terms of 1/10, n/30, FOB , which Problem 4-2B Preparing journal entries applies the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for for merchandising activities-perpetual system destination, invoice dated July 3 Sold merchandise to Brill Co. for $11,500 under credit terms of 2/10, n/60, FOB destination, P1 P2 98 7 invoice dated July 7.The merchandise had cost $7,750 10 Purchased merchandise from Rupert Corporation for $14,200 under credit terms of 1/10, n/45, FOB shipping point, invoice dated July 10. The invoice showed that at Mason's request, Rupert paid the $500 shipping charges and added that amount to the bill. (Hint: Discounts are not ap- plied to freight and shipping charges.) Paid $300 cash for shipping charges related to the July 7 sale to Brill Co Brill returned merchandise from the July 7 sale that had cost Mason $1,450 and been sold for $1,850. The merchandise was restored to inventory 11 12 1 14 After negotiations with Rupert Corporation concerning problems with the merchandise purchased on July 10, Mason received a credit memorandum from Rupert granting a price reduction of $2,000. 15 At OLB's request, Mason paid S150 cash for freight charges on the July 3 purchase, reducing 1 the amount owed to OLB 17 Received balance due from Brill Co, for the July 7 sale less the return on July 12 20 Paid the amount due Rupert Corporation for the July 10 purchase less the price reduction granted. 21 Sold merchandise to Brown for $11,000 under credit terms of 1/10, n/30, FOB shipping point, Check $9,457 July 17. Dr. Cash July 20, Cr. Cash 12,578 invoice dated July 21. The merchandise had cost $7,000 meet rown requested a price reduction on the July 21 sale because the merchandise did not specifications. Mason sent Brown a credit memorandum for $1,300 to resolve the issue. Received Brown's cash payment for the amount due from the July 21 sale. Paid OLB Corp, the amount due from the July 3 purchase. July 30, Dr. Cash $9,603 31