Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method.July $1$ Purchased merchandise from Boden Company for $$6,900$ under credit terms of $2/15,$ n$/30,$ FOB shipping point, invoice datedJuly $1.$July $2$ Sold merchandise to Creek Company for $$950$ under credit terms of $2/10,$ n$/60,$ FOB shipping point, invoice dated July $2.$ The merchandise had cost $$575.$July $3$ Paid $$110$ cash for freight charges on the purchase of July $1.$July $8$ Sold merchandise that had cost $$2,200$ for $$2,600$ cash.July $9$ Purchased merchandise from Leight Company for $$3,000$ under credit terms of $2/15,$ n$/60,$ FOB destination, invoice datedJuly $9.$purchased on July $9$ from Leight Company and debited its account payable for that amount. July $12$ Received the balance due from Creek Company for the invoice dated July $2,$ net of the discount.July $11$ Returned $$1,000$ of merchandiseJuly $16$ Paid the balance due to Boden Company within the discount period.July $19$ Sold merchandise that cost $$1,200$ to Art Company for $$1,800$ under credit terms of $2/15,$ n$/68,$ FOB shipping point, Invoice dated July $19.$July $21$ Gave a price reduction $($allowance$)$ of $$300$ to Art Company for merchandise sold on July $19$ and credited Art's accounts receivable for that amount..July $24$ Paid Leight Company the balance due, net of discount.July $30$ Received the balance due from Art Company for the invoice dated July $19,$ net of discount.July $31$ Sold merchandise that cost $$5,700$ to Creek Company for $$7,508$ under credit terms of $2/18,$ n$/60,$ FOB shipping point, invoice dated July $31.$