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 $6,100 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping point, invoice dated July 2. The merchandise had cost $508. 3 Paid $115 cash for freight charges on the purchase of July 1. B Sold merchandise that had cost $1,400 for $1,800 cash. 9 Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Returned $900 of merchandise purchased on July 9 from Leight Co. and debited ita 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 Gave a price reduction (allowance) of $250 to Art Co. for merehandise sold on July 19 and credited Art's accounts receivable for that amount. 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 $4,900 to Creek Co. for $6,900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. View transaction list Journal entry worksheet 1 2 4 5 6 7 8 17 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. MILANO a Journal entry worksheet 1 2 3 4 5 6 7 8 17 Record the cost of merchandise sold, $508 Note: Enter debits before credits. Date General Journal Debit Credit July 02 + Record entry Clear entry View general journal Journal entry worksheet Record cost of merchandise sold, $1,400. Note: Enter debits before credits. Date General Journal Debit Credit July 08 Record entry Clear entry View general journal Journal entry worksheet Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Note: Enter debits before credits. Date General Journal Debit Credit July 12 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 ... 5 6 7 8 9 10 17 Paid the balance due to Boden Company within the discount period. Note: Enter debits before credits. Date General Journal Debit Credit July 16 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 .... 6 7 8 9 10 11 17 Sold merchandise to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Note: Enter debits before credits. Date General Journal Debit Credit July 19 Record entry Clear entry View general journal Journal entry worksheet