Prepare journal entries to record the following merchandising transactions of Taylor'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-Perry) Aug 1 Purchased merchandise from Perry Company for $10,100 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1 5 Sold merchandise to Wilson Corp. for $6,50e under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,900 8 Purchased merchandise from Walker Corporation for $5,920 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $325 cash for shipping charges related to the August 5 sale to Wilson Corp. Aug. Aug. Aug. Aug. 10 Wilson returned merchandise from the August 5 sale that had cost Taylor's $100 and was sold for $200. The merchandise was restored to inventory Aug. 12 After negotiations with Walker Corporation concerning problems with the purchases on August 8, Taylor's received a credit memorandum from Walker granting a price reduction of $800 off the $5,920 of goods purchased. Aug. 14 At Perry's request, Taylor's paid $500 cash for freight charges on the August 1 purchase, reducing the amount owed to Perry. Aug. 15 Received balance due from Wilson Corp. for the August 5 sale less the return on August 10 Aug. 18 Paid the amount due Walker Corporation for the August 8 purchase less the price allowance from August 12 Aug. 19 Sold merchandise to Thompson Co. for $4,100 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $2,050. Aug. 22 Thompson requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Taylor's sent Thompson a $500 credit memorandum toward the $4,100 invoice to resolve the issue. Aug. 29 Received Thompson's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Aug. 30 Paid Perry Company the amount due from the August 1 purchase. General General Schedule of Receivables Schedule of Income Impact on Income Requirement Trial Balance Journal Ledger Payables Statement The trisl bat