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 $6,900 under credit terms of 2/15, 1/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $575 3 Paid $100 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,200 for $2,600 cash. 9 purchased merchandise from Leight co for $2,200 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. 11 Returned $200 of merchandise purchased on July 9 from Leight 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 $800 to Art co for $1,200 under credit terms of 2/15, 1/80, FOB shipping point, invoice dated July 19 21 Gave a price reduction (allowance) of $200 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 $5,700 to Creek Co. for $6,900 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 31