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 1Purchased merchandise from Boden Company for 56,600 under credit term of 2/15, 1/30, Foe shipping point, Invoice dated Duly 1. 2 Sold merchandise to Creek Co. for $1,ce under credit terms of 2/10, 1/60. roo shipping point, Invoice dated July 2. The merchandise had cost $55e. Paid $140 cash for freight charges on the purchase of July 1. B Sold merchandise that had cost $1,900 for $2,30 cash. 9 Purchased merchandise from Lenght Co. for $2,900 under credit terns of 2/15, 1/60, FOO destination, Invoice dated July 9. 11 Returned 3900 of merchandise purchased on July 9 from Leight Co., and debited its account payable for that wt. 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 $1,100 under credit terms of 2/15, 160, roo shipping point, Invoice date July 19 21 Gave a price reduction allowance) of $300 to Art Co. for merchandise sold on July 19, and credited Artccounts receivable for that amount 24 Paid Lelight Co. the balance due, het of discount Jo teceived the balance de tro Art Co. for the invoice dated July 19, of discount 21 Suid merchandise that wst 35, 400 to Creek Co. for 36,900 wider credit terms of 2/1, 100. roo shipping point volce dated July 31 Verw transactional Journal entry worksheet