Prepare journal entries to record the following merchandising transactions of Sanchez's, which uses the perpetual inventory systern. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Clark.) August 1 Purchased merchandise from Clark Company for $10,900 under credit terms of 1//10,n//30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Mannion Corporation for $6,900 under credit terms of 2//10,n//60, FoB destination, invoice dated August 5 . The merchandise had cost $4,100. August 8 Purchased merchandise from Lee Corporation for $6,080 under credit terms of 1//10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $325 cash for shipping charges relate income statement