Prepare journal entries to record the following merchandising transactions of Perezs, 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-Lee.) ul. 1 Purchased merchandise from Lee Company for $7,880 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July Jul. 2 Sold merchandise to Parker Co. for $1,880 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 2. The nerchandise had cost $1,88e. Jul. 3 Paid $485 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $2,188 for $3,580 cash. Jul. 9 Purchased merchandise from Thompson Co. for $3,100 under credit terms of 2/15, n/68, FOB destination, invoice dated July 9. ul. 11 Received a $680 from T Dul. 12 Received the balance due from Parker Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Lee Company within the discount period. credit nemorandum from Thompson Co. for the return of part of the merchandise purchased on July 9. 19 Sold merchandise that cost $2,189 to Mitchell Co. for $3,090 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19 ul. 21 Issued a $680 credit menorandum to Mitchell Co. for an allowance on goods sold on July 19. Jul. 24 Paid Thompson Co. the balance due, net of discount. Dul. 38 Received the balance due from Mitchell Co. for the invoice dated July 19, net of discount Jul. 31 Sold merchandise that cost $5,380 to Parker Co. for $8,800 under credit terms of 2/10, n/60, F08 shipping point, invoice dated July 31. Requirement General Ledger Trial Balance Schedule of Schedule of Receivables Payables Statement Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. View transaction listView journal entry worksheet e B,@. . e to search 3 8 Jul 11Accounts payable- Thompson Sales returns and allowances 600 9 Jul 12 Cash 1,764 Sales discounts Book Print erences Accounts payable-Parker 1,800 10ul 16Accounts payable - Lee 7,800 7,722 Sales discounts Jul 19 Accounts receivable -Mitchell 3,000 3,000 12 Jul 19 2,100 2.100 13 Jul 21 Sales returns and allowances 600 Accounts receivable - Mitchell 14Jul 24 Accounts payable- Thompson 3,100 Cash 3,038 62 Purchases discounts K Prev 3 of 7 Next > here to search 3 2,100 . Jul 19 2,100 13 ul 21 Sales refurns and allowances 600 14.28 points Accounts receivable-Mitchell 24 Accounts payable-Thompson 3,100 14 Cash 3,038 Print Purchases discounts 62 15 Jul 30 3,000 3,000 16 Jul 31 8,800 8,800 17 Ju31 Cost of goods sold 5,300 Accounts receivable-Parker 5,300 Re General Ledger Type here to search