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 Identfy each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) Jul. 1 Purchased merchandise fron Boden Company for $8,689 under credit terms of 1/15, n/38, FOB shipping point, invoice dated July 1 Jul. 2 Sold nerchandise to Creek Co. for $2,28e under credit terms of 2/18, n/68, FOB shipping point, invoice dated July 2. The merchandise had cost $1,328 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,3e0 cash Jul. 9 Purchased nerchandise from Leight Co. for $3,58e under credit terns of 2/15, /6e, F0B destination, invoice dated July 9 Jul. 11 Received a $789 credit nemor andun from Leight Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period ul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $869 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount Jul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,688 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 31 General Trial Balance Receivables Requirement General ournal Schedule ofIncome Impact on Payables Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. ew transaction lst Journal entry worksheet Jul. 1) Purchased merchandise from Boden Company for $8,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits. Jul 01 Record entry Clear entry Mew general journal 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 ldentify each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) ul. 1 Purchased merchandise from Boden Company for $8,688 under credit terms of 1/15, n/3,FOB shipping point, invoice dated July 1 ul 2 Sold nerchandise to Creek Co. for $2,288 under credit terms of 2/18, n/68, FOB shipping point, invoice dated July 2. The merchandise had cost $1,328. Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,38e cash. Jul. 9 Purchased nerchandise from Leight Co. for $3,589 under credit terns of 2/15, n/6e, FOB destination, invoice dated July 9 ul. 11 Received a $7e9 credit nemor andum from Leight Co. for the return of part of the merchandise purchased on July 9. ul. 12 Received the balance due fron Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period. Jul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19. Jul. 21 Issued a $888 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount. ul. 38 Received the balance due from Art Co. for the invoice dated July 19, net of discount. ul. 31 Sold merchandise that cost $5,889 to Creek Co. for $9,680 under credit terms of 2/18, n/6e, FOB shipping point, Invoice dated July 31 General Trial Balance Receivables Schedule of Income Impact on Payables StatementIncome General Ledger Account Cash Merchandise inventory Date Debit Credit Balance Date Debit Credit Balance Jul 01 27,000 Jul 01 11,000 Cabela, Capital No. Date Debit Credit Balance 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 Identfy each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) Jul. 1 Purchased merchandise fron Boden Company for $8,689 under credit terms of 1/15, n/38, FOB shipping point, invoice dated Jul. 2 Sold nerchandise to Creek Co. for $2,28e under credit terms of 2/18, n/68, FOB shipping point, invoice dated July 2. The Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,3e0 cash Jul. 9 Purchased nerchandise from Leight Co. for $3,58e under credit terns of 2/15, /6e, F0B destination, invoice dated July 9 Jul. 11 Received a $789 credit nemor andun from Leight Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period ul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/68, FOB shipping point, invoice dated Jul. 21 Issued a $869 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount Jul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,688 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 31 or Trial Balance Receivables Payables Schedule of Schedule ofIncome Impact on Income Requirement General Ledger Trial Balance Statement Trial Balance July 31, 2017 Account Title 27, Merchandise inventory Cabela, Capital Total 38,000S General Ledger Prepare Journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. (Hint It wil help to Identify each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) Jul. 1 Purchased merchandise fron Boden Company for $8,689 under credit terms of 1/15, n/38, FOB shipping point, invoice dated Jul. 2 Sold nerchandise to Creek Co. for $2,28e under credit terms of 2/18, n/68, FOB shipping point, invoice dated July 2. The merchandise had cost $1,328 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,3e0 cash Jul. 9 Purchased nerchandise from Leight Co. for $3,58e under credit terns of 2/15, /6e, F0B destination, invoice dated July 9 Jul. 11 Received a $789 credit nemor andun from Leight Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period ul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $869 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount Jul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,688 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 31 Gneral Trial BalanceReceivables Schedule ofSchedule ofIncome Impact on Requirement General Statement No input required Dates: Jul 01 to: Jul 31 Schedule of Accounts Receivable Accounts recaivable Art Accounts recaivable Creek Trial Balance Schedule of Payables> 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 Identfy each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) Jul. 1 Purchased merchandise fron Boden Company for $8,689 under credit terms of 1/15, n/38, FOB shipping point, invoice dated July 1 Jul. 2 Sold nerchandise to Creek Co. for $2,28e under credit terms of 2/18, n/68, FOB shipping point, invoice dated July 2. The merchandise had cost $1,328 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,3e0 cash Jul. 9 Purchased nerchandise from Leight Co. for $3,58e under credit terns of 2/15, /6e, F0B destination, invoice dated July 9 Jul. 11 Received a $789 credit nemor andun from Leight Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period ul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/68, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $869 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount Jul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,688 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 31 General Trial Balance Receivables Schedule fIncome Impact on Requirement General ReceivablesPayablesStatement Income No input required Dates: Jul 01 to: Jul 31 s Payable Accounts payable - At Accounts payable - Boden Accounts payable - Creek Accounts payable - Leight Total accounts payable Schedule of Receivables Income Statement> Prepare Journal entries to record the following merchandising transactlons of Cabela's, which uses the perpetual Inventory system and the gross method. (Hint It will help to Identify each recelvable and payable: for example, record the purchase on July 1 In Accounts Payable-Boden.) Jul. 1 Purchased merchandise from Boden Company for $8,689 under credit terms of 1/15, n/38, FOB shipping point, invoice dated July 1 ul. 2 Sold nerchandise to Creek Co. for $2,288 under credit terms of 2/1, n/6, FOB shipping point, invoice dated July 2. The merchandise had cost $1,329 Jul. 3 Paid $645 cash for freight charges on the purchase of July 1 Jul. 8 Sold merchandise that had cost $2,688 for $4,389 cash. Jul. 9 Purchased merchandise from Leight Co. for $3,see under credit terms of 2/S) de. FOG destination, involte late uly ul. 11 Received a $7e9 credit nemor andum from Leight Co. for the return of part of the merchandise purchased on July 9 ul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Boden Company within the discount period ul. 19 Sold merchandise that cost $2,788 to Art Co. for $3,888 under credit terms of 2/15, n/6e, Foippig point, invoice dated July 19. Jul. 21 Issued a $889 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount. ul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,68e under credit terms of 2/18, n/6, FOB shipping point, Invoice dated July 31 Schedule ofInce Impact on Trial Balance Ledger Trial Balance Schedule of Receivables PayablesStatement ournal Income Prepare a multiple-step income statement through the calculation of gross profit. Cabela's Company Partial Income Statement For the Month Ended July 31, 2017 Schedule of Payables Impact on Income> July 19 Jul. 21 Issued a $869 credit menorandum to Art Co. for an allowance on goods sold on July 19 Jul. 24 Paid Leight Co. the balance due, net of discount Jul. 38 Received the balance due fron Art Co. for the invoice dated July 19, net of discount ul. 31 Sold merchandise that cost $5,888 to Creek Co. for $9,688 under credit terms of 2/18, n/6e, FOB shipping point, invoice dated July 31 Trial Balance Schedule of Schedule of Payables Requirement General ournal Income Statement Impact on Income Ledger For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the gross profit with the amount reported on the partial income statement. Impact on income (decrease) to July 1) Purchased merchandise from Boden Company for 58,600 under credit terms of 1/15, n/30, FOB shipping point, nvoice dated July 1 July 2) Sold merchandise to Creek Co. for $2,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2 July 2) The cost of the merchandise sold to Creek Co. was 51,320 July 3) Paid 5845 cash for freight charges on the purchase July 8) Sold merchandise for $4,300 cash. July 8) The cost of the merchandise sold was $2,600. July 9) Purchased merchandise from Leight Co. for 53,500 under credit terms of 2/15, ni80, FOB destination, invoice dated July 9 July 11) Received a S700 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9 July 12) Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Boden Company within the discount period. July 19) Sold merchandise to Art Co. for $3,800 under credit terms of 2/15, n/80, FOB shipping point, invoice dated July 19 July 19) The cost of the merchandise sold to Art Co. was 52,700 July 21) Issued a 5800 credit memorandum to Art Co. for an allowance on s sold on July 24) Paid Leight Co. the balanoe due, net of discount. July 30) Received the balance due from Art Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Creek Co. for $9,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Creek Co. was 5,800 Total gross profit