Prepare journal entries to record the following merchandising transactions of Perez'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-Lee) Dul. 1 Purchased merchandise from Lee Company for $7,880 under credit terms of 1/15, n/3e, FOB shipping point, invoice dated July Dul. 2 Sold merchandise to Parker Co. for $1,809 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 2. The 428 1. merchandise had cost $1,888. eBook Print Roforences Jul. 3 Paid $485 cash for freight charges on the purchase of July 1 ul. 8 Sold nerchandise that had cost $2,180 for $3,589 cash. Dul. 9 Purchased merchandise from Thompson Co. for $3,18e under credit terms of 2/15, n/6e, FOB destination, invoice dated July 9 ul. 11 Received a $689 credit nenorandum fron Thompson Co. for the return of part of the merchandise purchased on July 9. Jul. 12 Received the balance due from Parker Co. for the invoice dated July 2, net of the discount. ul. 16 Paid the balance due to Lee Company within the discount period. u. 19 Sold merchandise that cost $2,100 to Mitchell co. for $3,e00 under credit terms of 2/15, n/6, FOB shipping point, Invoice dated July 19 Jul. 21 Issued a $68e credit memorandum to Mitchell Co. for an allowance on goods sold on July 19. Jul. 24 Paid Thompson Co. the balance due, net of discount. ul. 30 Received the balance due from Hitchell Co. for the invoice dated July 19, net of discount. 3 solerchandise that cost $5,309 to Parker Co. for $8, 888 under credit ters of 2/1, n/6e, FOB shipping point, invoice dated July 31. Requirement General ournal General Trial Balance R Schedule of Schedule of Income Impact on Receivables Payables Statement Income Prepare a multiple-step income statement through the calculation of gross profit. Perez's Company Partial Income Statement For the Month Ended July 31, 2017 ype here to search 2 3 4 5 6 8