Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method July 1 Purchased merchandise from Lee Company for $7,800 under credit ferms of 1/15, 1/30, FOB shipping point, Invoice dated July 1. July 2 Sold merchandise to Parker Company for $1,800 under credit terns of 2/10, 1/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,080. July 3 Paid 5485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash. Suly 9 Purchased merchandise From Thompson Company for $3,100 under credit terns of 2/15, 1/60, POB destination, Involce dated July 9 July 11 Returned 5600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July12 Received the balance due from Parker Company for the Invoice dated July 2. net of the discount. July 16 Paid 'the balance due to Lee Company within the discount period. July 19 Sold merchandise that cost 52,100 to Mitchell Company for $3,000 under credit terms of 2/15) n/60, FOB shipping point Invoice dated July 19. July 21 Gave price reduction allowance) of $600 to Mitchell Company for merchandise sold on July 19 and credited Mitchell's accounts receivable for that amount July 24 Paid Thompson Company the balance due, net of discount July 30 Received the balance due fron Mitchell Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost 55,300 to Parker Company for $8,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries talyon lox 5 Oestion wil47988. X C Solved: C Solved: m.com/ext/map/index.html?_con=con&external browser=0&launchUrl=https%253A%252F%252F Saved ew transaction list Journal entry worksheet 2 3 4 5 6 7 8 ... 17 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Date Account Title Debit Credit Jul 01 Record entry Clear entry View general joumal 3 4 5 6 7 8 17 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. Note: Enter debits before credits. Date Account Title Debit Credit Jul 02 Record entry Clear entry View general journal Journal entry worksheet 8 17 Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Note: Enter debits before credits Date Credit Debit Account Title Jul 09 Record entry Clear entry View general journal Journal entry orksheet 1 2 3 4 5 6 7 8 17 > Returned $600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. Note: Enter debits before credits. Date Account Title Debit Credit Jul 11 Record entry Clear entry View general journal Journal entry worksheet
