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 $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $558. 3 Paid $120 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,000 for $2,400 cash. 9 Purchased merchandise from Leight Co. for $2,600 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 11 Received a $600 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. 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 $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 21 Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19. 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 $5,500 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. 3 Record the cost of merchandise sold, $558 4 Paid $120 cash for freight charges on the purchase of July 1. 5 Record sale of merchandise for $2,400 cash. 6 Record cost of merchandise sold, $2,000. Note : journal entry has been entered 7 Purchased merchandise from Leight Co. for $2,600 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. 8 Received a $600 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 10 Paid the balance due to Boden Company within the discount period. 11 Sold merchandise to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated Note : = journal entry has been entered 11 Sold merchandise to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. 12 Record cost of merchandise sold, $1,000. 13 Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19. 14 Paid Leight Co. the balance due, net of discount. 15 Received the balance due from Art Co. for the invoice dated July 19, net of discount. 16 Sold merchandise to Creek Co. for $7,000 under credit torme of 2/1n nlan FOR chinninn nnint invnico dated Note : = journal entry has been entered 16 Sold merchandise to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. 17 Record cost of merchandise sold, $5,500. Note : journal entry has been entered Check my work 2 ! Required information [The following information applies to the questions displayed below.] Part 1 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 1 points Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit eBook 320 units @ $87.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase Mar. 29 Sales Totals 115 units @ $62.20 per unit 210 units @ $64.20 per unit Print References 190 units @ $97.20 per unit 510 units 740 units Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods Available # of units Unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total Check my work O 3 Part 2 Required information [The following information applies to the questions displayed below.) Part 2 of 4 Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. 1 points Units Sold at Retail Units Acquired at Cost 160 units @ $52.20 per unit 255 units @ $57.20 per unit eBook 320 units @ $87.20 per unit Date Activities Mar. 1 Beginning inventory Mar. 5 Purchase Mar. 9 Sales Mar. 18 Purchase Mar. 25 Purchase r. 29 Sales Totals 115 units @ $62.20 per unit 210 units @ $64.20 per unit Print 190 units @ $97. 510 units per unit References 740 units 2. Compute the number of units in ending inventory. Ending inventory units