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Problem 1 - Merchandiser Entries - Prepare journal entries to record the following merchandising transactions of XYZ Company, which uses the perpetual inventory system and the gross method. 8/1 Purchased merchandise from Olivia Company for $10,000 under credit terms of 1/10,n/30,FOB destination, invoice dated August 1. 8/5 Sold merchandise to Fred Corporation for $5,000 under credit terms of 2/10,n/60, FOB destination, Involce dated August 5 . The merchandise had cost $3,000. 8/8 Purchased merchandise from Annie Corporation for $8,000 under credit terms of 1/10, n/45,FOB shipping point, invoice dated August 8. 8/9 Paid $300 cash for shipping charges related to the August 5 sale to Fred Corporation. 8/10 Fred retumed merchandise from the August 5 sale that had cost XYZ Company $800 and was sold for $1,600. The merchandise was restored to Inventory. 8/12 After negotiations with Annie Corporation concerning problems with the purchases an August 8, XYZ Company received a price reduction from Annie of $800 off the $8,000 of goods purchased. XYZ Company debited accounts payable for $800. 8/14 At Olivia's request, XYZ Company paid $140 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts payable) to Olivla. 8/15 Received balance due from Fred Corporation for the August 5 sale less the return on August 10. 8/18 Paid the amount due Annie Corporation for the August 8 purchase less the price allowance from August 12. 8/19 Sold merchandise to JLS Company for $4,400 under credit terms of n/10, FOB shipping point, involce dated August 19. The merchandise had cost $2,100. 8/22 JLS requested a price reduction on the August 19 sale because the merchandise did not meet specifications. XYZ Company gave a price reduction (allowance) of $700 to JLS and credited JLS's accounts receivable for that amount. 8/29 Recelved JLS's cash payment for the amount due from the August 19 sale less the price allowance from August 22 . 8/30 Paid Olivia Company the amount due from the August 1 purchase. Problem 2-Closing Entries: From the adjusted trial balance for Fox Products Company given below, prepare the necessary closing entries