Prepare journal entries to record the following merchandising transactions of Lane'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$$Carter$.)$

August $1$ Purchased merchandise from Carter Company for $$8,500$ under credit terms of $1/10,$ n$/30,$ FOB destination, invoice dated August $1.$

August $5$ Sold merchandise to Thompson Corporation for $$5,700$ under credit terms of $2/10,$ n$/60,$ FOB destination, invoice dated August $5.$ The merchandise had cost $$3,400.$

August $8$ Purchased merchandise from Perry Corporation for $$5,600$ under credit terms of $1/10,$ n$/45,$ FOB shipping point, invoice dated August $8.$

August $9$ Paid $$325$ cash for shipping charges related to the August $5$ sale to Thompson Corporation

August $10$ Thompson returned merchandise from the August $5$ sale that had cost Lane's $$100$ and was sold for $$200.$ The merchandise was restored to inventory.

August $12$ After negotiations with Perry Corporation concerning problems with the purchases on August $8,$ Lane's received a credit memorandum from Perry granting a price reduction of $$700$ off the $$5,600$ of goods purchased.

August $14$ At Carter $\text{'}$s request, Lane's paid $$700$ cash for freight charges on the August $1$ purchase, reducing the amount owed to Carter.

August $15$ Received balance due from Thompson Corporation for the August $5$ sale less the return on August $10.$

August $18$ Paid the amount due Perry Corporation for the August $8$ purchase less the price allowance from August $12.$

August $19$ Sold merchandise to Mitchell Company for $$3,900$ under credit terms of n$/10,$ FOB shipping point, invoice dated August $19.$ The merchandise had cost $$1,950.$

August $22$ Mitchell requested a price reduction on the August $19$ sale because the merchandise did not meet specifications. Lane's sent Mitchell a $$400$ credit memorandum toward the $$3,900$ invoice to resolve the issue.

August $29$ Received Mitchell's cash payment for the amount due from the August $19$ sale less the price allowance from August $22.$

August $30$ Paid Carter Company the amount due from the August $1$ purchase.