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Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the per petual inventory system and the gross method. Aug. Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, n/60, FOB destination. invoice dated August 5. The merchandise had cost $4,000. 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9. Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for $600. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of $400 off the $5,400 of goods pur- chased. Lowe's debited accounts payable for $400. 14 At Aron's request, Lowe's paid $200 cash for freight charges on the August 1 purchase, reduc- ing the amount owed (accounts payable) to Aron. Chapter 5 Accounting for Merchandising Operations 203 15 Received balance due from Baird Corp. for the August 5 sale less the return on August 10, 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance Aug 18. Cash 54,950 from August 12. 19 Sold merchandise to Tux Co. for $4.800 under credit terms of n/10, FOB shipping point, in voice dated August 19. The merchandise had cost $2,400. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a price reduction (allowance) of $500 to Tux and credited Tux's accounts receivable for that amount. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allow - Aug 29, De Cash, $4.900 ance from August 22. 30 Paid Aron Company the amount due from the August 1 purchase