Prepare journal entries to record the following merchandising transactions of Knight's, which uses the periodic inventory system and the gross method. Jul. 1 Knight purchased merchandise from Hall Company for 10,200 under credit terms of 1/15, n/30, invoice dated July 1. Jul. 2 Sold merchandise to Walker Co. for 3,000 under credit terms of 2/10, n/60. Invoice dated July 2. Cost of merchandise sold is P2,500. Jul. 8 Sold merchandise for 5,900 cash. Cost of merchandise sold is P5,400. Jul. 9 Purchased merchandise from Brown Co. for 4,300 under credit terms of 2/15, n/60. Invoice dated July 9. Jul. 11 Returned 900 of merchandise purchased on July 9 from Brown Co., and debited its account payable for that amount. Jul. 12 Received the balance due from Walker Co, for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Hall Company within the discount period. Jul. 24 Paid Brown Co. the balance due, net of discount