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 identify each receivable and payable, for example, record the purchase on July 1 in Accounts Payable-Boden) Jul. 1Purchased merchandise from Boden Company for $6,000 under credit teres of 1/15, 1/30, FB shipping point, invoice dated July 1 ul 2 Sold merchandise to Creek Co. for $900 under credit teras of 2/10, /60, FOB shipping point, invoice dated July 2: The merchandise had cost $500. Pald $125 cath for freight charges on the purchase of July 1 Sold merchandise that had cost $1,300 for $1,700 cash Jul 9 Purchased merchandise from Light Co. for $2,200 under credit taas of 2/15, 1/6, FOB destination, invoice dated July 9. ul. 11 Returned $200 of merchandise purchased on July from Light Co. debited its account payable for that amount. Jul 12 Received the balance de fron Creek Co. for the invoice dated July 2, net of the discount Jul. 16 Paid the balance due to Foder company within the discount period Jl. 19 Sold merchandise that cost $100 to Art Co. for $1,200 under credit ters of 2/15, 3/60, FB shipping point, invoice dated July 19 21 Save price reduction allowance) of $100 to Art Co. for merchandise sold on Duly 19 and credited Art's accounts receivable for that wont Jul 24 Pald tright to the balance dus net of discount huu. Received the balance due from Art Co. for the invoice dated July 19, met of discount 1 sold marchandise that cost $4,000 to Creek Co for $7.000 under credit terms of 2/10, /, For shipping point, invoice dated July 31 Impact on income Increase (decrease) to income 900 July 1) Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, No impact on income invoice dated July 1 July 2) Sold merchandise to Creek Co. for $900 under credit Increases net income 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 $500 Decreases net income July 3) Paid S125 cash for freight charges on the purchase of July 1 No impact on income July 8) Sold merchandise for $1,700 cash Increases net income 1,700 July 8) The cost of the merchandise sold was $1,300 Decreases net income July 9) Purchased merchandise from Leight Co for $2,200 under credit terms of 2/15 n/60, FOB destination invoice No impact on income dated July 9. July 11) Received a $200 credit memorandum from Leight Co for the return of part of the merchandise purchased on No impact on income July 9 July 12) Received the balance due from Creek Co. for the Decreases net income invoice dated July 2, net of the discount July 16) Paid the balance due to Boden Company within the No impact on income discount period July 19) Sold merchandise to Art Co, for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July Increases net income 19 July 19) The cost of the merchandise sold to Art Co was $800 Decreases net income July 21) Issued a $100 credit memorandum to Art Co. for an allowance on goods sold on July 19 Decreases net income 1,200 In het EH INTRAR