Prepare journal entries to record the following merchandising transactions of Cabelas, which uses the perpetual inventory system.

July		1		Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.
		2		Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB destination, invoice dated July 2. The merchandise had a cost of $550.
		3		Paid $110 cash for freight charges on the purchase of July 1.
		4		Paid $100 cash for freight charges on the sale of July 2.
		5		Gave a price reduction (allowance) of $50 to Creek Co. for merchandise sold on July 2.
		11		Returned $1,000 of merchandise purchased on July 1 from Boden.
		12		Received the balance due from Creek Co. for the invoice dated July 2.
		16		Paid the balance due to Boden Company.
Date					Account titles	Debit	Credit
1/07
02/07
02/07
03/07
04/07
05/07
11/07
12/07
16/07