Prepare journal entries to record the following merchandising transactions of Sheng company, which applies the perpetual inventory system. (hint: It will help to identify each receivable and payable; for example, record the purchase on august 1 in accounts payable-Arotek) Aug 1 purchased merchandise from arotek company for 7500 under credit terms of 1/10, n/30, FOB destination, invoice dated aug 1 Aug 4 at arotek request, Sheng paid $200 cash for freight charges on the aug 1 purchase, reducing the amount owed to Abilene Aug 5 sold merchandise to laird corp for 5200 under credit terms 2/10, n/60 FOB destination invoice dated aug 5. The merchandise had cost 4000 Aug 8 purchased merchandise from waters corporation for 5400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated aug 8. The invoice showed that at sheng