Prepare journal entries to record the following merchandising transactions of Griffin'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-Garcia Jul. 1 Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, 1/30, POS shipping point, invoice dated July 1. Jul. 2 Sold marchandise to Thompson Co. for $2,400 under credit terms of 2/10, n/60, TOB shipping point, Invoice dated July 2. The merchandise had cost $1,440. Jul. 3 Paid $725 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $2,800 for $4,700 cash. Jul. 9 Purchased merchandise from Perry Co. for $3,700 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Jul. 11 Returned $700 of merchandise purchased on July 9 from Perry Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Thompson Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Garcia Company within the discount period. Jul. 19 Sold merchandise that cost $2,900 to Brown Co. for $4,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $800 to Brown Co. for merehandise sold on July 19, and credited Brown accounts receivable for that amount. Jul. 24 Paid Perry Co. the balance due, net of discount. Jul. 30 Received the balance due fron Brown Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $6,000 to Thompson Co. for $10,000 under credit terms of 2/10, 1/60. FOB shipping point, invoice dated July 31. Schedule of Receivables Income Statement Impact on Income General Ledger Trial Balance Schedule of Payables General Journal Requirement 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 list Journal entry worksheet > 8 17 7 4 5 6 3 1 2 (Prey 2.3 II Next >