Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system (Hint It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Garcia) Aug. 1 Purchased merchandise from Garcia Company for $11,990 under credit teres of 1/10, n/3e, F0B destinstion, Involce date Aug. 5 Sold merchandise to Allen Corp. for $7,400 under credit terms of 2/1e, n/6e, FOB destination, invoice dated August 5. Te Aug. 8 Purchased serchandise fros Griffin Corporat ion for $6,2 under credit teres of 1/18, n/as, FoB shipping point, Involce Aug. 10 Allen returned merchandise from the August 5 sale that had cost Turner's S200 and was sold for $3ee The merchandise was Aug 12 After negotiations with Griffin Corporation concerning problens with the purchates on August 8, Turners received a credit Aug. 14 At Garcia's request, Turner's paid $400 cash for freight changes on the August 1 purchase, reducing the amount owed to gust 1. nerchandise had cost $4,48e. dated August . Aug. 9 Paid $525 cash for shipping charges related to the August 5 sale to Allen Corp. r and" fra. Griffin granting a price reduction of Saee off the $6,200 of goods purchased Aug. 15 Received balance due froe Allen Corp, for the August 5 sale less the reture on August 1e Aug. 18 Paid the amount due Griffin Corporation for the August 8 purchase less the price allowance from August 12. Aug 19 Sold merchandise to Perez co. for s4, 380 under credit terms of /10, F0B shEppins point, invoice dated August 19. The ug 22 Perex requested a price reduction on the August 19 sale because the merchandise did not neet specifications. Turner"s sent merchandise had cost $2,15. Perez a Ssee credit-"oranda" toward the $4.00 moice to resolve the issue. Aug. 29 Recelved Perea's cash payment for the amount due from the Aupust 19 sale less the price allowance from August 22 ug. 8 Pald Garcla Company the amount due from the August 1 purchase. Schedule of Schedule of Income Receivables Payables Statement Income Requirement General Gnral Impact on Ledger Journalize the merchandising transactions. The General Ledgec trial balance, and schedules of accounts receivable and Pre 8 of 20E Noxt 6 9