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 $6,608 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek. Company for $950 under credit terms of 2/10, n/60, FoB shipping point, invoice dated July 2. The merchandise had cost $550. July 3 Paid $140 cash for freight charges on the purchase of July 1 . July 8 Sold merchandise that had cost $1,900 for $2,300 cash. July 9 Purchased merchandise from Leight Company for $2,400 under credit terms of 2/15,n/60,FOB destination, invoice dated July 9. July 11 Returned $400 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due fron Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the discount period. July 1950 ld merchandise that cost $800 to Art Company for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 . July 21 Gave a price reduction (allowance) of $200 to Art Company for merchandise sold on July 19 and credited Art's accounts receivable for that amount. July 24 Paid Leight Company the balance due, net of discount. July 38 Recelved the balance due from Art Company for the involce dated July 19, net of discount. July 31 Sold merchandise that cost $5,480 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet Journal entry worksheet Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. July 31 Sold merchandise that cost $5,460 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet Note: Enter debits before credits. July 31 Sold merchandise that cost $5,460 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31. Journal entry worksheet July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 123567817 Paid $140 cash for freight charges on the purchase of July 1 . Note: Enter debits before credits. July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet Note: Enter debits before credits. July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under eredit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 123456 17 Purchased merchandise from Leight Company for $2,400 under credit terms of 2/15,n/60, FOB destination, invoice dated July 9. Note: Enter debits before credits. July 31 Sold merchandise that cost $5,400 to Creek Company for $7,360 under credit terms of 2/10,n/60,F0B shipping point, invoice dated July 31. Journal entry worksheet 1234567 Returned $400 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. Note: Enter debits before credits. July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet \begin{tabular}{llllllll} & 1 & & 4 & 5 & 6 & 7 & 8 \\ \hline \end{tabular} Received the balance due from Creek Company for the invoice dated July 2 , net of the discount. Note: Enter debits before credits. July 31 Sold merchandise that cost $5,460 to Creek Company for $7,360 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 56789 Paid the balance due to Boden Company within the discount period. Note: Enter debits before credits. July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31 . Journal entry worksheet 1678910 Sold merchandise to Art Company for $1,200 under credit terms of 2/15,n/60,FOB shipping point, invoice dated July 19. Note: Enter debits before credits. terms of 2/10,n/60,FOB shinn to Creek Company for $7,300 under credit terms of 2/10,n/60, FoB shipping point, invoice dated July 31 . Journal entry worksheet July 31 Sold merchandise that cost $5,400 to Creek Company for $7,300 under credit terms of 2/10,n/60,F0B shipping point, invoice dated July 31 . Journal entry worksheet \begin{tabular}{llllll}