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 recelvable and payable: for example, record the purchase on July 1 in Accounts Payable--Boden.) July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, 1/30, POD shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. tor $950 under credit terms of 2/10, n/60, YOB shipping point, invoice dated July 2. The merchandise had cost $583. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,300 for $2,700 cash. 9 Purchased merchandise from Leight Co. for $2.500 under credit terms of 2/15, n/60, POB destination, invoice dated July 9. 11 Received a $500 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 vaid the balance due to Boden Company within the discount period. 19 sold merchandise that cost 5000 to Art Co. for $1,200 under credit terms of 2/15, n/60, POB shipping point, invoice dated July 19. 21 Tuted a 5200 credit memorandum to Act Co. for an allowance on goods sold on July 19. 24 Paid Leight co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Sold merchandise that cost $5,800 to Creek Co. for $7,200 under credit terms of 2/10, 1/60, TOB shipping point, invoice dated July 31. 1 2 3 4 5 CO 7 8 ..... 17 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date General Journal Debit Credit July 01