Prepare Journal entries to record the following merchandise transactions of Garcia Company, which applies the perpetual inventory system. I (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1, in Accounts Payable-Weir Co and sales of merchandise of Aug 4, in Accounts Receivable - Cassidy Corp) Aug 1 - Purchased merchandise from Weir Company for $25,000 under credit terms of 1/10, 1/45, FOB destination, and invoice dated August 1. Aug 2 - At Weir's request Garcia paid $300 for fright Charges on August I purchase reducing the amount owed to Weir. Aug 4 - Sold merchandise for Cassidy Corp for $3.500 under credit terms of 2/10w60,FOB destination. The merchandise had cost $1,700. Aug 6 - Purchased merchandise from Lesh Corporation for $6000 under credit terms of 2/15, 1/30, FOB shipping point, and invoice dated August 6. The invoice showed that at Garcia's request Lesh paid the $160 shipping charges and added the amount to the bill Aug 7- Paid S 140 for shipping charges relating to the August 4 sale to Cassidy Corp Aug 8 - Cassidy returned merchandise from the August 4 sale that had cost Garcia S500 and been sold for $750. The merchandise was restored to the company Aug 9 - After negotiations with Lesh Corp concerning problems with the merchandise purchased ou August 6 Garcia received a credit memorandum from Lesh Granting a price reduction of S600 Aug 14 Received the balance due from Cassidy Co for the August 4 sale less the return on August S. Aug 15 - Paid the amount due to Lesh Corp for the Augusto purchase less the reduction granted Aug 19 - Sold merchandise to Terrapin Co for $3,100 under credit terms 2/10,30. FOB destination, and invoice dated August 19. The merchandise had cost $1,000 Aug 22 - Terrapiu requested a price reduction on the August 19 sale because the merchandise did tot meet specifications. Garcia sent Terrapin in a $600 credit memorandum to resolve the issue. Aug 29 - Received Terrapin Co's cash payment for the amount due from the August 19 sale. Aug 30 - Paid Weir Company the amount due from the August purchase