Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system Hint It will help to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable-Garcia) ug. 1 Purchased merchandise from Garcia Company for $11,9ee under credit teres of 1/1, n/, FOB destinat ion, imvoice dated Aug. s sold serchandise to Allen Corp. for $7,400 under credit teras of 2/1e, n/6a, roe destinetion, invoice dated August 5. The Aug. 8 Purchased rchandise fro. Griffin Corporation for 5,200 under credit teres of 1/1n/45, FOB shipping point, Inolce Aug. 10 Allen returned rchndise fra the Augest S sale that had cost Turner's 1200 and-s sold for nee, ne aerchette at August 1 merchandise had cost $4,480. deted Aupust 8 Aug 9 Paid $525 cash for shipping charges related to the August 5 sale to Allen Corp restored to imrentory 12 After neptiations 'alth oriffin Corporation, concerning problems with the purchases a, Agnt , tumer's reeled e credit senorandun from Griffin granting a price redect ion of $90 off the $6,288 of goods purchased Aug. 14 At Garcia's request, Turner's Pald $400 cash for freight charges on the August i purchase, rrdeing the amont-d to Aug. 15 Recelved balance due froe Allen Corp, for the August s sale less the return on August 1 Aug. 18 Pald the anount due Griffin Corporation for the August 8 parchase less the price allowance fron August 12 -19 Saldserchandise to Pere : Co. for sa, under credit terns af n/1O. ron thipping polnt, lnole, dated logist l,. The Aug 22 Perez requested a price reduction on the August 19 sale because the merchandise did not neet specifications. Turner's sent Perezs500 credit nenorandun tovard the 34,3 nvoice resolve the Essue to ng, 29 Received Perez's cash parentfor the mountfr th.. August 19 sale less the price allowance fra-August 22. Ag30 Pald Gercie Conpany the anount Bue fromn the August i purchase , General Ganernal Tal BslanceRecab edger Tal Balance Schedule of Schedule ofIncomeImpact on eceivables Payables Statement coe Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts pavable wil be updated based on vour entries ENG 6 7 9