Prepare journal entries to record the following merchandising transactions of Martin'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-Gonzalez.) 15 points Book Print References Jul. 1 Purchased merchandise from Gonzalez Company for $8,200 under credit terms of 1/15, n/30, F08 shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Ryan Co. for $2,000 under credit terms of 2/10, n/68, FOB shipping point, invoice dated July 2. The merchandise had cost $1,200. Jul. 3 Paid $565 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $2,388 for $3,900 cash. Jul. 9 Purchased merchandise from Allen Co. for $3,300 under credit terns of 2/15, 1/60, FB destination, invoice dated July 9. Jul. 11 Returned $700 of merchandise purchased on July 9 from Allen Co. and debited its account payable for that amount. Jul. 12 Received the balance due from Ryart Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Gonzalez Company within the discount period. Jul. 19 Sold merchandise that cost $2,400 to Turner Co. for $3,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Jul. 21 Gave a price reduction (allowance) of $700 to Turner Co. for merchandise sold on July 19 and credited Turner's accounts receivable for that amount. Jul. 24 Paid Allen Co. the balance due, net of discount. Jul. 38 Received the balance due from Turner Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $5,500 to Ryan Co. for $9,200 under credit terns of 2/10, n/62, F08 shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Prepare a multiple-step income statement through the calculation of gross profit. Martin's Company ME