Prepare journal entries to record the following merchandising transactions of Knight's, which uses the perpetual inventory system Hint: It will help to identify each receivable and payable, for example, record the purchase on August 1 in Accounts Payable-Wilson Aug. 1 Purchand merchandise tron Wilson Company for $11.700 under eredit torms of 1/10, 1/30, FOB destination, Invoice dated August 1. Aug. 5 Sold merchandise to Griffin Corp. for $7,300 under credit terns of 2/10, 1/60, POB destination, Invoice dated August 5. The merchandise had cost $4,400. Aug. 8 Purchased merchandise from Hall Corporation for $6,240 under credit terns of 1/10, n/45, FOB shipping point. invoice dated August 8. Aug 9 Paid $325 cash for shipping charges related to the August 5 sale to Griffin Corp. Aug. 10 Griffin returned merchandise from the August 5 sale that had cont Knight's $100 and was sold for $200. The merchandise was restored to inventory. Aug. 12 After negotiations with Hall Corporation concerning problems with the purchases on August 8. Knight' received a price reduction from Hall of $900 off the $6,240 of goods purchased. Knight's debited accounts payable for $900. Aug. 14 At Wilson's request, Knight's paid $300 cash for freight charges on the August 1 purchase, reducing the amount oved (accounts payable) to Wilson. Aug. 15 Received balance due from Griffin Corp. for the August 5 sale loss the return on August 10. Aug. 18 Paid the amount due Hall Corporation for the August & purchase less the price allowance from August 12. Aug. 19 old merchandise to Garcia Co. for $4,200 under credit terms of n/10, TOB shipping point, invoice dated August 19. The merchandise had cost $2,100. Aug. 22 Garcia requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Knight's's gave a price reduction allowance) of $500 to Garcia, and credited Garcia's accounts receivable for that amount. Aug. 29 Received Garcia's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Aug. 30 Paid Wilson Company the amount due from the August I purchase. General Journal General Ledger Requirement Schedule of Receivables Schedule of Payables Trial Balance Income Statement Impact on Income Prepare a multiple-step income statement. Knight's Company Income Statement For the Month Ended August 31, 2019 19. The DLUHU Hau LUBL 52, IUU. Aug. 22 Garcia requested a price reduction on the August 19 sale because the merchandise did not meet specifica Knight's's gave a price reduction (allowance) of $500 to Garcia, and credited Garcia's accounts receivab that amount. Aug. 29 Received Garcia's cash payment for the amount due from the August 19 sale less the price allowance from 22. Aug. 30 Paid Wilson Company the amount due from the August 1 purchase. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Prepare a multiple-step Income statement. Knight's Company Income Statement For the Month Ended August 31, 2019 Operating expenses: Net income Schedule of Payables Impact on Income >