Prepare Joumal entries to record the following merchandising transactions of Cabela'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 Boden July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Returned $300 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount. 12 Received the balance due from Creek Co. for the invoice dated July 2, not of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $1,000 to Ant Co. for $1,500 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. 21 Gave a price reduction (allowance) of $250 to Art Cod for merchandise sold on July 19 and credited Artis accounts receivable for that amount. 26 Paid Leight Co. the balance due, net of discount 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount 24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $4,800 to Creek Co. for $6,900 under credit terms of 2/10, n/60, FB shipping point, invoice dated July 31. View transaction list Journal entry worksheet Record cost of merchandise sold, $4,800. Note: Enter debits before credits. General Journal Debit Credit Date July 31