Prepare journal entries to record the following merchandising transactions of Cabelas, 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 PayableBoden.)

July		1		Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.
		2		Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583.
		3		Paid $120 cash for freight charges on the purchase of July 1.
		8		Sold merchandise that had cost $2,300 for $2,700 cash.
		9		Purchased merchandise from Leight Co. for $2,600 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
		11		Received a $600 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9.
		12		Received the balance due from Creek Co. for the invoice dated July 2, net of the discount.
		16		Paid the balance due to Boden Company within the discount period.
		19		Sold merchandise that cost $800 to Art Co. for $1,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
		21		Issued a $200 credit memorandum to Art Co. for an allowance on goods sold on July 19.
		24		Paid Leight Co. the balance due, net of discount.
		30		Received the balance due from Art Co. for the invoice dated July 19, net of discount.
		31		Sold merchandise that cost $5,800 to Creek Co. for $6,900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $29,700 debit balance. The company's May 31 bank statement shows $28,000 on deposit in the bank. a. The May 31 bank statement lists $210 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total $6,700. c. May 31 cash receipts of $7,300 were placed in the bank's night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a $510 check written by Smith Company was mistakenly drawn against Wright's account. e. The bank statement shows a $380 NSF check from a customer, the company has not yet recorded this NSF check. Prepare a bank reconciliation for the company using the above information. Answer is not complete. WRIGHT COMPANY Bank Reconciliation May 31, 2017 Book balance Add: $ 29,700 Bank statement balance Add: Deposit of May 31 Bank error $ 7,300 510 0 29,700 Deduct: Outstanding checks $ 6,700 7,810T 7,810 Deduct: Bank service charge NSF check 6,700 1,110 Adjusted book balance s 210 380 0 0 590 Adjusted bank balance $ $ 29,110