Please help with all. GL$0401($Algo$)-$ Based on Problem $4-1$A LO P$1,$ P$2$

Prepare journal entries to record the following merchandising transactions of Lane'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$-$Perry.$)$

July $1$ Purchased merchandise from Perry Company for $$7,000$ under credit terms of $\frac{1}{15},\frac{n}{30},$ FOB shipping point, invoice dated

July $1.$

July $2$ Sold merchandise to Carter Company for $$1,400$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $2.$

The merchandise had cost $$840.$

July $3$ Paid $$325$ cash for freight charges on the purchase of July $1.$

July $8$ Sold merchandise that had cost $$1,600$ for $$2,700$ cash.

July $9$ Purchased merchandise from Martin Company for $$2,700$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July

July $11$ Returned $$500$ of merchandise purchased on July $9$ from Martin Company and debited its account payable for that amount.

July $12$ Received the balance due from Carter Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Perry Company within the discount period.

July $19$ Sold merchandise that cost $$1,500$ to Allen Company for $$2,200$ under credit terms of $\frac{2}{15},\frac{n}{60},$ foB shipping point, invoice

dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of $$400$ to Allen Company for merchandise sold on July $19$ and credited Allen's accounts

receivable for that amount.

July $24$ Paid Martin Company the balance due, net of discount.

July $30$ Received the balance due from Allen Company for the invoice dated July $19,$ net of discount.

July $31$ Sold merchandise that cost $$4,800$ to Carter Company for $$8,000$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point,

invoice dated July $31.$