Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system July 1 Purchased merchandise from Boden Company for $6,798 under credit terms of 2/15, 0/30, FOB shipping point, Invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,000 for $2,400 cash. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period