Prepare journal entries to record the following merchandising transactions of Gonzalez'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 PayableKing.) Jul. 1 Purchased merchandise from King Company for $6,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Wright Co. for $1,300 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $780. Jul. 3 Paid $285 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $1,500 for $2,500 cash. Jul. 9 Purchased merchandise from Lee Co. for $2,600 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Jul. 11 Returned $500 of merchandise purchased on July 9 from Lee Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Wright Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to King Company within the discount period. Jul. 19 Sold merchandise that cost $1,400 to Griffin Co. for $2,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $400 to Griffin Co. for merchandise sold on July 19 and credited Griffins accounts receivable for that amount. Jul. 24 Paid Lee Co. the balance due, net of discount. Jul. 30 Received the balance due from Griffin Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $4,700 to Wright Co. for $7,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.