Prepare journal entries to record the following merchandising transactions of Lee's, which uses the perpetual inventory system.

August $1$ Purchased merchandise from Clinton Company for $$9,500$ under credit terms of $\frac{1}{10},$ n$/30,$ FOB destination, invoice dated

August $1.$

August $5$ Sold merchandise to Gonzalez Corporation for $$6,200$ under credit terms of $\frac{2}{10},$ n$/60,$ FOB destination, invoice dated

August $5.$ The merchandise had cost $$3,700.$

August $8$ Purchased merchandise from Clark Corporation for $$5,800$ under credit terms of $\frac{1}{10},$ n$/45,$ FOB shipping point, invoice

dated August $8.$

August $9$ Paid $$525$ cash for shipping charges related to the August $5$ sale to Gonzalez Corporation

August $10$ Gonzalez returned merchandise from the August $5$ sale that had cost Lee's $$200$ and was sold for $$300.$ The merchandise was

restored to inventory.

August $12$ After negotiations with Clark Corporation concerning problems with the purchases on August $8,$ Lee's received a credit

memorandum from Clark granting a price reduction of $$700$ off the $$5,800$ of goods purchased.

August $14$ At Clinton's request, Lee's paid $$700$ cash for freight charges on the August $1$ purchase, reducing the amount owed to

Clinton.

August $15$ Received balance due from Gonzalez Corporation for the August $5$ sale less the return on August $10.$

August $18$ Paid the amount due Clark Corporation for the August $8$ purchase less the price allowance from August $12.$

August $19$ Sold merchandise to Ryan Company for $$4,000$ under credit terms of $\frac{n}{10},$ FOB shipping point, invoice dated August $19.$ The

merchandise had cost $$2,000.$

August $22$ Ryan requested a price reduction on the August $19$ sale because the merchandise did not meet specifications. Lee's sent

Ryan a $$400$ credit memorandum toward the $$4,000$ invoice to resolve the issue.

August $29$ Received Ryan's cash payment for the amount due from the August $19$ sale less the price allowance from August $22.$

August $30$ Paid Clinton Company the amount due from the August $1$ purchase.