Prepare journal entries to record the following merchandising transactions of Cabela'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-Boden.) July 1 Purchased merchandise from Boden Company for $6,488 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,888 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $533. 3 Paid $130 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,700 for $2,100 cash. 9 Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $900 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $1,200 to Art Co. for $1,800 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19. 21 Issued a $300 credit memorandum to Art Co. for an allowance on goods sold on July 19. 24 Paid Leight Co. the balance due, net of discount. 38 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $5,200 to Creek Co. for $7,300 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Answer is not complete. No Date General Journal 1 July 011 Marchandise inventory Accounts payable-Boden 2 July 02 Accounts receivable-Leight Sales 3 July 02 Cost of goods sold Merchandise inventory 4 July 03 Cash 5 July 08 Accounts payable-Boden Merchandise inventory 6 July 08 Cost of goods sold Merchandise inventory 7 July 09 B July 11 Merchandise inventory Accounts payable-Leight Accounts payable-Leight 00 30 00 0 03 00 Debit Credit 6,4000 6,400 ( 1,000 1,000 ( 5331 533 1,700x 1,700 1,300 1.300x 2.200 2,2006 200x