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 $6,500 under credit teras of 2/15, 1/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek co, for $900 under credit terns of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1.800 for $2,200 cash 9 Purchased merchandise from Leight co for $2.690 under credit terns of 2/15, 1/60, FOB destination, invoice dated July 9 11 Returned 5600 of merchandise purchased on July ofron Leight cor and debited its account payable for that 12 Received the balance due from Greek co. for the invoice dated July 3, net of the discourk. 16 Paid the balance due to Boden Company within the discount period 19 Sold merchandise that cost $1,000 to Art Co, for $2.500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 21 Cave a price reduction (allowance) of $250 to Art Co, for merchandise 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 $5,300 to Creek co for $6,000 under credit terns of 2/10, 1/60. FOB shipping point, invoice dated July 31