Prepare journal entries to record the following merchandising transactions of Zhang'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 PayableTurner.)

Jul.		1		Purchased merchandise from Turner Company for $11,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
Jul.		2		Sold merchandise to Hall Co. for $3,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,280.
Jul.		3		Paid $1,285 cash for freight charges on the purchase of July 1.
Jul.		8		Sold merchandise that had cost $4,500 for $7,500 cash.
Jul.		9		Purchased merchandise from Clinton Co. for $5,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
Jul.		11		Received a $1,000 credit memorandum from Clinton Co. for the return of part of the merchandise purchased on July 9.
Jul.		12		Received the balance due from Hall Co. for the invoice dated July 2, net of the discount.
Jul.		16		Paid the balance due to Turner Company within the discount period.
Jul.		19		Sold merchandise that cost $4,900 to Thompson Co. for $7,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
Jul.		21		Issued a $1,400 credit memorandum to Thompson Co. for an allowance on goods sold on July 19.
Jul.		24		Paid Clinton Co. the balance due, net of discount.
Jul.		30		Received the balance due from Thompson Co. for the invoice dated July 19, net of discount.
Jul.		31		Sold merchandise that cost $7,700 to Hall Co. for $12,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

For each transaction, indicate the impact each item had on income and the dollar amount of the change in Input decreases to net income as minus sign. Upon completion, compare the gross profit with the am the partial income statement. Impact on income Increase (decrease) to income July 1) Purchased merchandise from Turner Company for $11,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Hall Co. for $3,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Hall Co. was $2,280. July 3) Paid $1,285 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $7,500 cash. July 8) The cost of the merchandise sold was $4,500. July 9) Purchased merchandise from Clinton Co. for $5,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Received a $1,000 credit memorandum from Clinton Co. for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Hall Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Turner Company within the discount period. July 19) Sold merchandise to Thompson Co. for $7,000 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Thompson Co. was $4,900. July 21) Issued a $1,400 credit memorandum to Thompson Co. for an allowance on goods sold on July 19. July 24) Paid Clinton Co. the balance due, net of discount. July 30) Received the balance due from Thompson Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Hall Co. for $12,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Hall Co. was $7,700. Total gross profit $