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 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Bold merchandise to Creek Co. for $900 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cont $567. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,100 for $2.500 cash. 9 Purchased merchandise from Leight Co. for $3,000 under credit terms of 2/15, n/60, ron destination, invoice dated July 9. 11 Returned $1,000 of merchandise purchased on July 9 from Leicht Co. and debited its account payable for that amount. 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 $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Cave a price reduction allowance) of 0250 to Art Co. for merchandise sold on July 19 and credited Art'a accounts receivable for that amount. 24 Paid Laight Co, the balance due, not of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 31 Bold merchandise that cont 65,600 to Creek Co. for $7,400 under credit term of 2/10, 1/60, Yon shipping point, invoice dated July 31