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 46,200 under credit terns of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cost 6517. 3 Paid $115 cash for freight charges on the purchase of July 1. Sold merchandise that had coat 61,500 for $1,900 cash. 9 Purchased merchandise from Leight Co. for 62,300 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. 11 Returned 6300 of merchandise purchased on July 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 61,000 to Art Co. for 61,500 under credit terms of 2/15, 1/60, TOB shipping point, invoice dated July 19. 21 Gave 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 $5,000 to Creek Co. for 67,400 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 31. Journal entry worksheet 1:22:48