Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method.

July $1$ Purchased merchandise from Boden Company for $$6,700$ under credit terms of $\frac{2}{15},\frac{n}{30},$ FOB shipping point, invoice dated July $1.$

July $2$ Sold merchandise to Creek Company for $$950$ under credit terms of $2/10,$ n$/60,$ FOB shipping point, invoice dated July $2.$ The merchandise had cost $$558.$

July $3$ Paid $$100$ cash for freight charges on the purchase of July $1.$

July $8$ sold merchandise that had cost $$2,000$ for $$2,400$ cash.

July $9$ Purchased merchandise from Leight Company for $$2,300$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July $9.$

July $11$ Returned $$300$ of merchandise purchased on July $9$ from Leight Company and debited its account payable for that amount.

July $12$ Received the balance due from Creek Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Boden company within the discount period.

July $19$ Sold merchandise that cost $$800$ to Art company for $$1,200$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB shipping point, invoice dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of $$200$ to Art Company for merchandise sold on July $19$ and credited Art's accounts receivable for that amount.

July $24$ Paid Leight Company the balance due, net of discount.

July $30$ Received the balance due from Art Company for the invoice dated July $19,$ net of discount.

July $31$ sold merchandise that cost $$5,500$ to Creek Company for $$7,200$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $31.$

Journal entry worksheet

$2$

$3$

$4$

$5$

$6$

$7$

$8$

$17$

Purchased merchandise from Boden Company for $$6,700$ under credit terms of $\frac{2}{15},\frac{n}{30},$ FOB shipping point, invoice dated July $1.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$July $01,,,],[,,,],[,,,],[,,,]]$