Prepare journal entries to record the following merchandising transactions of King'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$-$Carter.$)$

July $1$ Purchased merchandise from Carter Company for $$11,200$ under credit terms of $\frac{1}{15},\frac{n}{30},$ FOB shipping point, invoice dated July $1.$

July $2$ Sold merchandise to Martin Company for $$3,500$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $2.$ The merchandise had cost $$2,100.$

July $3$ Paid $$1,165$ cash for freight charges on the purchase of July $1.$

July $8$ Sold merchandise that had cost $$4,100$ for $$6,900$ cash.

July $9$ Purchased merchandise from Walker Company for $$4,800$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July $9.$

July $11$ Returned $$1,000$ of merchandise purchased on July $9$ from Walker Company and debited its account payable for that amount.

July $12$ Received the balance due from Martin Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Carter Company within the discount period. July $19$ Sold merchandise that cost $$4,500$ to Ryan Company for $$6,400$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB shipping point, invoice dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of $$1,300$ to Ryan Company for merchandise sold on July $19$ and credited Ryan's accounts receivable for that amount.

July $24$ Paid Walker Company the balance due, net of discount.

July $30$ Received the balance due from Ryan Company for the invoice dated July $19,$ net of discount.

July $31$ Sold merchandise that cost $$7,300$ to Martin Company for $$12,200$ under

July $8$ Sold merchandise that had cost $$4,100$ for $$6,900$ cash.

July $9$ Purchased merchandise from Walker Company for $$4,800$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July $9.$

July $11$ Returned $$1,000$ of merchandise purchased on July $9$ from Walker Company and debited its account payable for that amount.

July $12$ Received the balance due from Martin Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Carter Company within the discount period.

July $19$ Sold merchandise that cost $$4,500$ to Ryan Company for $$6,400$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB shipping point, invoice dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of $$1,300$ to Ryan Company for merchandise sold on July $19$ and credited Ryan's accounts receivable for that amount.

July $24$ Paid Walker Company the balance due, net of discount.

July $30$ Received the balance due from Ryan Company for the invoice dated July $19,$ net of discount.

July $31$ Sold merchandise that cost $$7,300$ to Martin Company for $$12,200$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $31.$

Impact on Income

Partial income statement only please