Partial incom statement and impact on income

Prepare journal entries to record the following merchandising transactions of Walker'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-Thompson) Jul. 1 Purchased merchandise from Thompson Company for $7,200 under credit teras of 1/15, n/3, Fos shipping point, involce dated uly 1 u1. 2 Soldwerchandise to Mitchell Co. for $1,588 under credit teres of 2/1e, n/te, ras shipping poist, invoice dated July 2. The merchandise had cost $9ee. ul. 3 Paid $36s cash for freight charges on the purchase of July 1 ul. 8 Sold merchandise that had cost $1,709 for 32,909 cash. ul. 9 Purchased serchandise from Mannion Co. for $2,800 under credit terms of 2/1s, n/6, FOS destinat ion, invoice dated July 9. Jul. 11 Received a $6e0 credit randun from Hannion Co. for the return of part of the serchandise purchased on July 9. ul. 12 Recelved the balance due from Mitchell Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Thoapson Company within the discount period ul. 19 Sold merchandise that cost $1,700 to Sanchez Co. for $2,400 under credit terms of 2/15, n/6e, FOB shipping point, Invoice dated July 19 ul. 21 Issued a $5ee credit nesorandus to Sanchez Co. for an allowance on goods sold on July 19. ul. 24 Paid Mannion Co. the balance due, net of discount Jul 30 Received the balance fro. Sanchez Co. for the invoice datrd July 19, net of distant ul. 31 Sold merchandise that cost 14,900 to Mitchell Co. for $8,200 under credit teres of 2/1, nve, ros shippig point, Involce dated July 3 General General Schedule ofIncome Statement Impact on Requirement Journal Trial Balance Receivables Payables Prepare a multiple-step income statement through the calculation of gross profit. Partial Income Statement 5 6 7 9 FGHK L VBNM