Prepare journal entries to record the following merchandising transactions of Bask Company, which ap- plies the perpetual inventory system. (Hint: It will help to identify cach receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Black.) July 1 Purchased merchandise from Black Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Coke Co. for $800 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $100 cash for freight charges on the purchase of July 1