Prepare journal entries to record the following merchandising transactions of Lynn Company.

$2$ points

July $1$ Purchased merchandise from Ram Company for $$6,500$ under credit terms of $\frac{2}{15},\frac{n}{30},$ FOB shipping point, invoice dated July $1.$

July $2$ Sold merchandise to Bailey Company for $$950$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $2.$ The merchandise had cost $$542.$

July $3$ Paid $$125$ cash for freight charges on the purchase of July $1.$

July $8$ Sold merchandise that had cost $$1,800$ for $$2,200$ cash.

July $9$ Purchased merchandise from Salem Company for $$2,700$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July

July $11$ Returned $$700$ of merchandise purchased on July $9$ from Salem Company and debited its Account Payable for that amount.

July $12$ Received the balance due from Bailey Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Ram Company within the discount period.

dated July $19.$

July $21$ Gave $19.$

Receivable for that amount.

July $24$ Paid $5$ ale

July $24$ Paid Salem Company the balance due, net of discount.

July $31$ Sold merchandise that from Craft Company for the invoice dated July $19,$ net of discount.

invoice dated July $31.$