Prepare journal entries to record the following merchandising transactions of Turner'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-Griffin.) July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and debited its account payable for that amount. July 12 Received the balance due from Wilson Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Griffin Company within the discount period. July 19 Sold merchandise that cost $3,900 to Garcia Company for $5,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,100 to Garcia Company for merchandise sold on July 19 and credited Garcia's accounts receivable for that amount. July 24 Paid Lee Company the balance due, net of discount. July 30 Received the balance due from Garcia Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $6,800 to Wilson Company for $11,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Schedule of Receivables Payables Income Statement Prev Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. www 1 of 1 www --- Impact on Income Next

Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetuat inventory system and phe gross method. (Hint it will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) July 1 thurehased merchandise troe Griftin Company for $10,400 under credit terms of 1/15, n/30, Foe abipplng point, involce dated July 1. July 2 sold merchandise to Milson conpany for $3,100 under credit terms of 2/10, n/60, Fon shipping poise, invoice dated July 2 . The nerchandise had cont $1,860. Jaly 3 Faid 51,005 east for frelght charges on the purchase of July. 1. July 8 sold metchandise that had cost $3,700 for $6,100 eash. Jaly 9 purchased merehandise from Lee Company for $4,400 under eredit terma of 2/15,n/60, ron dostination, invoice dated July 9 . fuly 11 keturned $900 of merchandise parehased on July 9 froe tee Coepany and dobited itn account poyable for that anount. fuly 12 Ploceived the balance doe tron wilson Company for the invoice dated Jaly 2 , net of che discount. guly is paid the balance dae to Griffin Corpany vithin the discount period. foly 19 sold nerchandise that cost $3,500 to Carcia Conpany for $5,600 under oredit terns of 2/15, n/60, rob ahipping poise, involee dated Jaly 19. puly 21 Cave a peice reduetios (allovance) of 51,100 to Carela Conpany for merchandise sold on Jaly 19 and eredited Carcia's eccounts recelvable for that amoust. fuly 24 Paid tese Company the balance due, oet of dincount. puly 30 Received the balence due fron Garela Coepany for the invoice dated July 19. net of diacount. poly 31 sold merebandise that cost 56,100 to Wileon conpany for $11,400 undor credit terns of -2/10, n/60, rob shipping point, involee dated July 31 . Journalize the merchandising transactions. The General Ledget, triat balance, and schedules of accounts receivable and accounts payable wal be updated based on vour entries: Prepare journal entries to record the following merchandising transactions of Turner'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-Griffin.) Joly 1 Purchased merchandise from Griffin Company for $10,400 uader credit terms of 1/15, n/30, FoB shippling point, involce deted July 1. Jaly 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10,n/60, FoB shipping point, invoice dated July 2 . The merehandise had cost $1,$60. July 3 paid 51,005 cash for freight charges on the purchase of July 1. July e sold merchandise that had cost $3,700 for $6,100 cash. July 9 purchased merchandise from tee Cospany for $4,400 under eredit terma of 2/15, n/60, pos destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July. 9 from Lee Company and debited its account payable for that. anount. July 12 Recelved the belance due from wilson Company for the invoice dated July 2, net of the discount. jaly 16 hald the balance due to oriffin Company within the discount period. foly 19 Sold eerchandise that coot $3,900 to Carcia Conpany for $5,600 under eredit terms of 2/15, n/60, rob ahipping point, invoice dated July 19. fuly 21 Cave a price reduction (allowance) of $1,100 to Carcia Company for marehandise nold on July 19 and eredited Garcia's accountin recelvable for that anount. fuly 24 paid lee Coilpany the balance dus, net of discount. fuly 30 lleceived the balence due from Carcia company for the lavolce dated July 19, net of discount. fuly 31 sold merehandise that eost $6,800 to wilson company tor $11,400 under eredit torms of 2/10, a/60, ros ahipping Joumalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts recelvable and accounts payable will be updated based on your entries