Prepare journal entries to record the following merchandising transactions of Griffin'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 - Garcla) July I Purchased merchandise from Garela company for $9,000 under eredit terns of 1/15, n/30, Fos nhippinig point, involce dated July 1. July 2 Sold merchandise to Thompson Company for $2,400 under eredit terme of 2/10, n/60, FOB thipping point, involce dated July 2. The rerehandine had cont $1,440. July 3 paid $725 cash for freight ehargen on the purchase of July 1. July 8 sold merchandise that had cost $2,800 for $4,700 cash. July 9 Purchased merchandise from. Perry Conpany fory $3,700 under oredit terns of 2/15,n/60, rob destination, involce dated July 9. July 12 Returned $700 of merehandise purchased on fuly 9 from Ferry Company and debited its account payable for that anount. Guly 12 Received the balance due fron Thonphon Conpany for the invoice dated July 2 , net of the dineount. July 16 Paid the balance due to Garefa Company within the dineount period. July 19 sold merehandise that cost $2,900 to nrown Conpany for $4,200 under oredit termb of 2/15, n/60, YoB ahipping point, involee dated July 19. July 21 Cave a priee reduetion (allowance) of 5000 to Broun Conpany for merehandise sold on July 19 and oredited Drown's account. receivable for that amount. July 24 Daid Derry Company the balanee due, net of dincount. July 30 Received the balance due fron brown Conpany for the involce dated Ju1y 19, net of dincount. July 31 sold merchandise that cost $6,000 to Thompson Conpany for 310,000 under oredit terms of 2/10,n/60, YoB shipping point, invoice dated July 31. General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts recelvable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general lesger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, elther a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General Ledger sofware automates the balances for each of the customer's accounts. Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. 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. Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. The trial balance is a listing of all account balances from the General Ledger as of a specific date, Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a fournal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. No input required No input required Prepare a multiple-step income statement through the calculation of gross profit. the partial income statement. \begin{tabular}{|l|l|l|} \hline & & \end{tabular}