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Prepare journal entries to record the following merchandising transactions of Taylor'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-Walker) July 1 Purchased merchandse from Walker conpany for $8,6ad under Credit terns of 1/15, n/3a, foB shipping point, invoice dated July 1 . The merchandise had cost $1,320. July 3 Paid 3645 cash for freight charges on the purchase of july 1. July 8 Sold merchandise that had cost $2,6e0 for 34,30e cash. July 9 Purchased merchandisn from hyan Company for $3,500 under credit terns of 2/15, n/60, fue destination, involce dated July 9. July 11 returned $7 es of merchandise purchased on July 9 from Ryan conpany and debited its account payable for that anount. July 12 received the balance due from Perry Company for the invotce dated July 2, not of the discount. July 16 paid the balance due to Walker Company within the discount period. invoice dates July 19. July 21 Gsve a price reduction (allowance) of \$800 to clinton compary for merchandise 501 d on July 19 and credited Clinton's accounts receivable for that arount. 301y. 24 Paid Ryan Company the balance die, net of discount. July 30 Received the balance due from Cilnton company for the invoice dated July 12 , net of discount. July 31 Sold merchandise that cost $5,800 to Perry Cotpany for $1,696 under credit terns of 2/10, n/6e, fod shippling polint, involce dated July 31. Prepare a multiple-step income statement through the calculation of gross profit. For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement