Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system. (Only Aug. 15 to 30)

Aug. 1 Purchased merchandise from Arotek Company for $4,400 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1 5 Sold merchandise to Laird Corp. for $3,080 under credit terms of 2/10, nV60, FOB destination, invoice dated August 5. The merchandise had cost $2,199 8 Purchased merchandise from Waters Corporation for $3,700 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. The invoice showed that at Sheng's request, Waters paid the $240 shipping charges and added that amount to the bill. (Hint: Discounts are not applied to freight and shipping charges.) 9 Paid $200 cash for shipping charges related to the August 5 sale to Laird Corp 10 Laird returned merchandise from the August 5 sale that had cost Sheng $367 and been sold for $513 The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems with the merchandise purchased on August 8, eng received a credit memorandum from Waters granting a price reduction of $559 14 At Arotek's request, Sheng paid $390 cash for freight charges on the August 1 purchase, reducing the amount owed to Arotek. 15 Received balance due from Laird 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 reduction granted. 19 Sold merchandise to Tux Co. for $2,640 under credit terms of 1/10, n 30, FOB shipping point, invoice dated August 19. The merchandise had cost $1,832. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sheng sent Tux a $440 credit memorandum to resolve the issue 29 Received Tux's cash payment for the amount due from the August 19 sale 30 Paid Arotek Company the amount due from the August 1 purchase. Prepare journal entries to record the above merchandising transactions of Sheng Company, which applies the perpetual inventory system