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Prepare joumal entries to record the following merchandising transactions of Thompson'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 - Knight) July 1 purchased merchandise fron knight Conpany for $11,600 under credit terms of 1/15,n/30,f08 shipping point, involce dated July 1. July 2 sold merchandise to Taylor company for $3,700 under credit terns of 2/10,n/60, Foe 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 $7,360 cash. July 9 Purchased nerchandise from Parker company for $5,000 under credit terss of 2/15,n/6e, fo8 destination, involce dated July 9. July 11 Returned $1,06e of merchandise purchased on July 9 from parker company and debited its account payable for that anount. July 12 Recelved the balance due fron 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 $4,880 to Perry Conpany for $6,8ee under credit teras of 2/15, n/6e, FoB shipping point. invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,460 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 3e Recefved the balance due from Perry company for the invoice dated July 19 , net of discount. July 31 sold merchandise that cost $7,60e to Taylor cospany for $12,600 under credit terms of 2/19, n/60, fo8 shipping polnt, involce dated July 31 . prepare a muttiple-step income statement through the calculation of gross profit. For each transaction, indicate the impact each item had on income and the dolar 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