Prepare journal entries to record the following merchandising transactions of Cabelas, 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 PayableBoden.) July 1 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $508. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,400 for $1,800 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 $4,900 to Creek Co. for $7,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It ll help to ldentify each recelvable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) July 1 Purchased merchandise from Boden Company for 6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n 60, FOB shipping point, invoice dated July 2. The merchandise had cost $508 3 Paid $125 cash for freight charges on the purchase of July 1 8 Sold merchandise that had cost $1,400 for $1,800 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 purch 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the ased on July $ 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 $4,900 to Creek Co. for $7,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 View transaction list Journal entry worksheet 123 4 5 678 1:7 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1 Note: Enter debits before credits. Date General Journal Debit Credit July 01 Record entry Clear entry View general journal