Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory system (Hint It will help to identify each receivable and payable for example, record the purchase on August 1 in Accounts PayableWright ) Aug 1 Purchased merchandise from Wright Company for $8,300 under credit terms of 1 10, n 30, FOB destination, invoice dated August 1 Aug 5 Sold merchandise to Perry Corp for $5,600 under credit terms of 2 10, n 60, FOB destination, invoice dated August 5 The merchandise had cost $3,400 Aug 8 Purchased merchandise from King Corporation for $5,560 under credit terms of 1 10, n 45, FOB shipping point, invoice dated August 8 Aug 9 Paid $925 cash for shipping charges related to the August 5 sale to Perry Corp Aug 10 Perry returned merchandise from the August 5 sale that had cost Gonzalez's $300 and was sold for $600 The merchandise was restored to inventory Aug 12 After negotiations with King Corporation concerning problems with the purchases on August 8, Gonzalez's received a credit memorandum from King granting a price reduction of $700 off the $5,560 of goods purchased Aug 14 At Wright 's request, Gonzalez's paid $600 cash for freight charges on the August 1 purchase, reducing the amount owed to Wright Aug 15 Received balance due from Perry Corp for the August 5 sale less the return on August 10 Aug 18 Paid the amount due King Corporation for the August 8 purchase less the price allowance from August 12 Aug 19 Sold merchandise to Carter Co for $3,800 under credit terms of n 10, FOB shipping point, invoice dated August 19 The merchandise had cost $1,900 Aug 22 Carter requested a price reduction on the August 19 sale because the merchandise did not meet specifications Gonzalez's sent Carter a $400 credit memorandum toward the $3,800 invoice to resolve the issue Aug 29 Received Carters cash payment for the amount due from the August 19 sale less the price allowance from August 22 Aug 30 Paid Wright Company the amount due from the August 1 purchase General Journal tab Journalize the merchandising transactions The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries Income Statement tab Prepare the income statement through the calculation of gross profit Impact on Income tab Indicate the impact each transaction had on net income

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Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable

Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts PayableWright.)

Aug.	1	Purchased merchandise from Wright Company for $8,300 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.
Aug.	5	Sold merchandise to Perry Corp. for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,400.
Aug.	8	Purchased merchandise from King Corporation for $5,560 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8.
Aug.	9	Paid $925 cash for shipping charges related to the August 5 sale to Perry Corp.
Aug.	10	Perry returned merchandise from the August 5 sale that had cost Gonzalez's $300 and was sold for $600. The merchandise was restored to inventory.
Aug.	12	After negotiations with King Corporation concerning problems with the purchases on August 8, Gonzalez's received a credit memorandum from King granting a price reduction of $700 off the $5,560 of goods purchased.
Aug.	14	At Wright 's request, Gonzalez's paid $600 cash for freight charges on the August 1 purchase, reducing the amount owed to Wright.
Aug.	15	Received balance due from Perry Corp. for the August 5 sale less the return on August 10.
Aug.	18	Paid the amount due King Corporation for the August 8 purchase less the price allowance from August 12.
Aug.	19	Sold merchandise to Carter Co. for $3,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,900.
Aug.	22	Carter requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Gonzalez's sent Carter a $400 credit memorandum toward the $3,800 invoice to resolve the issue.
Aug.	29	Received Carters cash payment for the amount due from the August 19 sale less the price allowance from August 22.
Aug.	30	Paid Wright Company the amount due from the August 1 purchase.

General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. Income Statement tab - Prepare the income statement through the calculation of gross profit Impact on Income tab - Indicate the impact each transaction had on net income.