Payable-Knight.) July 1 Purchased merchandise from Knight Company for $11,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Taylor Company for $3,700 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,220. July 3 Paid $1,245 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,400 for $7,300 cash. July 9 Purchased merchandise from Parker Company for $5,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Parker Company and debited its account payable for that amount. July 12 Received the balance due from Taylor Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Knight Company within the discount period. July 19 Sold merchandise that cost $4,800 to Perry Company for $6,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,400 to Perry Company for merchandise sold on July 19 and credited Perry's accounts receivable for that amount. July 24 Paid Parker Company the balance due, net of discount. July 30 Received the balance due from Perry Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,600 to Taylor Company for $12,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payabl Income Schedule of Payables Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction list Journal entry worksheet 1 2345678 17 Purchased merchandise from Knight Company for $11,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date July 01 Account Title Debit Credit