Prepare journal entries to record the following merchandising transactions of Garcia'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-Brown. Jul. Jul. 1 Purchased merchandise from Brown Company for $7,600 under credit terms of 1/15, n/30, roe shipping point, invoice dated July 1. 2 Sold merchandise to Turner Co. for $1,700 under credit terms of 2/10, n/60, Fon shipping point, invoice dated July 2. The 1 merchandise had cost $1,020. Jul. 3 Paid $445 cash for freight charges on the purchase of July 1. Jul. Seld merchandise that had cost $2,000 for $3,300 cash. Jul. 9 Purchased merchandise from Hall Co. for $3,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Jul. 11 Returned $600 of merchandise purchased on July 9 fron Hall Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Turner Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Brown Company within the discount period. Jul. 19 Sold merchandise that cost $2,000 to Carter Co. for $2,800 under credit terms of 2/15, n/60, FOB shipping point, Invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $600 to Carter Co. for merchandise sold on July 19, and credited Carter's accounts receivable for that amount. Jul. 24 Paid Hall Co. the balance due, net of discount. Jul. 30 Received the balance due from Carter Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $5,200 to Turner Co. for $8,000 under credit terms of 2/10, n/60, F0D shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income 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. Journal entry worksheet < 1 2 3 4 5 6 7 8 17 > Jul. 1) Purchased merchandise from Brown Company for $7,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date Jul 01 Account Title Debit Credit Record entry Clear entry View general journal Prey 1 of 3 Score.answer > Journal entry worksheet < 2 3 4 5 6 7 17 Jul. 2) Sold merchandise to Turner Co. for $1,700 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. Note: Enter debits before credits. Date Jul 02 Account Title Debit Credit Record entry Clear entry View general journal Saved July 1) Purchased merchandise from Brown Company for $7,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Turner Co. for $1,700 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2 July 2) The cost of the merchandise sold to Turner Co. was $1,020. July 3) Paid $445 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $3,300 cash. July 8) The cost of the merchandise sold was $2,000. July 9) Purchased merchandise from Hall Co. for $3,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11) Returned $600 of merchandise purchased on July 9 from Hall Co., and debited its account payable for that amount July 12) Received the balance due from Turner Co. for the invoice dated July 2, net of the discount July 16) Paid the balance due to Brown Company within the discount period. July 19) Sold merchandise to Carter Co. for $2,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 101 The cost of the merchandien cold to Carter Coun Impact on income Increase (decrease) t income July 11) Returned $600 of merchandise purchased on July 9 from Hall Co., and debited its account payable for that amount July 12) Received the balance due from Turner Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Brown Company within the discount period July 19) Sold merchandise to Carter Co. for $2,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 July 19) The cost of the merchandise sold to Carter Co. was $2,000 July 21) Gave a price reduction (allowance) of $600 to Carter Co. for merchandise sold on July 19, and credited Carter's accounts receivable for that amount. July 24) Paid Hall Co. the balance due, net of discount July 30) Received the balance due from Carter Co. for the invoice dated July 19, net of discount July 31) Sold merchandise to Turner Co. for $8,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. July 31) The cost of the merchandise sold to Turner Co. was $5,200 Total gross profit