Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method.August $1$ Purchased merchandise from Aron Company for $$7,000$ under credit terms of $1/10,$ n$/30,$ FOB destination, invoice dated August $1.$August $5$ Sold merchandise to Baird Corporation for $$4,900$ under credit terms of $2/10,$ n$/60,$ FOB destination, invoice dated August $5.$ The merchandise had cost $$3,000.$August $8$ Purchased merchandise from Waters Corporation for $$6,000$ undercredit terms of $1/10,$ n$/45,$ FOB shipping point, invoice datedAugust $8.$August $9$Paid $$190$ cash for shipping charges related to the August $5$ sale to Baird Corporation:August $10$ Baird returned merchandise from the August $5$ sale that had costLowe$\text{'}$s $$500$ and was sold for $$1,000.$ The merchandise was restored to inventory.August $12$ After negotiations with Waters Corporation concerning problems withthe purchases on August $8,$ Lowe's received a price reduction from Waters of $$600$ off the $$6,000$ of goods purchased. Lowe's debited accounts payable for $$600.$August $14$ At Aron's request, Lowe's paid $$480$ cash for freight charges on theAugust $1$ purchase, reducing the amount owed $($accounts payable$)$ to Aron.August $15$ Received balance due from Baird Corporation for the August $5$ saleless the return on August $10.$August $18$Paid the amount due Waters Corporation for the August $8$ purchaseLess the price allowance from August $12.$August $19$ Sold merchandise to Tux Company for $$4,200$ under credit terms ofn$/10,$ FOB shipping point, invoice dated August $19.$ The merchandise had cost $$2,100.$August $22$Tux requested a price reduction on the August $19$ sale because the merchandise did not meet specifications. Lowe's gave a price reduction $($allowance$)$ of $$700$ to Tux and credited Tux's accounts receivable for that amount.August $29$Received Tux's cash payment for the amount due from the August $19$sale less the price allowance from August $22.$August $30$ Paid Aron Company the amount due from the August $1$ purchase. Journal Entries $1-16$ thank you.