Prepare journal entries to record the following merchandising transactions of Parker'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-Allen.) July 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Garcia Company for $3,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,920. July 3 Paid $1,045 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,800 for $6,300 cash. July 9 Purchased merchandise from Clark Company for $4,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Clark Company and debited its account payable for that amount. July 12 Received the balance due from Garcia Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Allen Company within the discount period. July 19 Sold merchandise that cost $4,100 to Perez Company for $5,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,200 to Perez Company for merchandise sold on July 19 and credited Perez's accounts receivable for that amount. July 24 Paid Clark Company the balance due, net of discount. July 30 Received the balance due from Perez Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,000 to Garcia Company for $11,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Check my w

Prepare journal entries to record the following merchandising transactions of Parker'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-Allen) July 1 Purchased serchandise troa Allen Conpany for $10,600 under credit terms of 1/15, N/33, FoB shipping point, invoice dated July 1. July 2 Sold merchandise to Garcia Company for $3,200 under credit terns of 2/10,0/60, F08 shipping point, invoice dated July 2. The merchandise had cost $1,920. July 3 Paid $1,045 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,800 for $6,300 cash. July 9 Purchased merchandise fron Clark Coepany for 54,500 under credit terns of 2/15,n/60, FoB destination, invoice dated July 9. July 11 Returned 5900 of merchandise purchased on July 9 fron Clark Company and debited its account payable for that anount. July 12 Received the balance due from Garcia Conpany for the invoice dated July 2 , net of the discount. July 16 Paid the balance due to Allen Company within the discount period. July 19 Sold nerchandise that cost 54,100 to Perez Cospany for 55,8e0 under credit terns of 2/15, n/60, FoB shipping July 21 Gave a price reduction (allowance) of $1,260 to Perez Conpany for nerchandise sold on July 19 and eredited Perez's accounts receivable for that anount. July 24 Paid Clark Conpany the balance due, net of discount. Juty 30 Received the balance due from Perez Coepany for the invoice dated July 19, net of discount. July 31 sold merchandise that cost $7, ees to Garcia Company for $11,600 under credit terns of 2/10, n/60, Foe shipping point, invoice dated July 31