Prepare journal entries to record the following merchandising transactions of Sanchez's, which uses the perpetual inventory system. (Hint: it will help to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable -Clark.) August 1 Purchased merchandise from Clark Company for $10,900 under credit terms of 1/10,n/30, F0B destination, invoice dated August 1. August 5 Sold merchandise to Mannion Corporation for $6,900 under credit terms of 2/10,n/60, F0B destination, invoice dated August 5 . The merchandise had cost $4,100. August 8 Purchased merchandise from Lee Corporation for $6,080 under credit terms of 1/10,n/45, F08 shipping point, invoice dated August 8. August 9 Paid $325 cash for shipping charges related to the August 5 sale to Mannion Corporation August 10 Mannion returned merchandise from the August 5 sale that had cost Sanchez's $100 and was sold for $200. The merchandise was restored to inventory. August 12.After negotiations with Lee Corporation concerning problems with the purchases on August 8 , Sanchez's received a credit memorandum from Lee granting a price reduction of $800 off the $6,080 of goods purchased. August 14 At Clark's request, Sanchez's paid $400 cash for freight fharges on the August 1 purchase, reducing the amount owed to Clark. August 15 Received balance due from Mannion Corporation for the August 5 sale less the return on August 10. August 18 Paid the anount due Lee Corporation for the August 8 purchase less the price allowance from August 12. August 19 Sold merchandise to Gonzalez Company for $4,200 under credit terms of n/10, F0B shipping point, invoice dated August 19. The merchandise had cost $2,100. August 22 Gonzalez requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sanchez's sent Gonzalez a $500 credit memorandum toward the $4,200 invoice to resolve the issue. August 29 Received Gonzalez's cash payment for the amount due from the August 19 sale less the price allowance from August 22 . August 30 Paid Clark Company the amount due from the August 1 purchase. Journal entry worksheet Received balance due from Mannion Corporation for the August 5 sale less the return on August 10. Note: Enter debits before credits. Journal entry worksheet Paid the amount due Lee Corporation for the August 8 purchase less the price allowance from August 12. Note: Enter debits before credits. Journal entry worksheet Sold merchandise to Gonzalez Company for $4,200 under credit terms of n/10, FOB shipping point, invoice dated August 19. Note: Enter debits before credits. Journal entry worksheet The cost of the merchandise sold merchandise to Gonzalez was $2,100. Note: Enter debits before credits. Journal entry worksheet Gonzalez requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sanchez's sent Gonzalez a $500 credit memorandum toward the $4,200 invoice to resolve the issue. Note: Enter debits before credits. Journal entry worksheet Journal entry worksheet Paid Clark Company the amount due from the August 1 purchase. Note: Enter debits before credits