Prepare journal entries to record the following merchandising transactions of Lowe's, 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 August 1 in Accounts Payable-Aron Aug. 1 Purchased merchandise from Aron Company for $6,000 under credit terns of 1/10, 1/30, FOB destination, Invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,200 under credit terms of 2/10, 1/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $5,000 under credit terns of 1/10, 1/4S, F08 shipping point, invoice dated August 8. 9 Paid $170 cash for shipping charges related to the August 5 sale to Baird Corp 10 Baird returned merchandise from the August 3 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. 12 After negotiations with waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of $500 off the $5,000 of goods purchased. Lowes debited accounts payable for $500 14 At Aron's request, Lowe's paid $210 cash for freight charges on the August 1 purchase, reducing the anunt sed accounts payable) to Aron 15 Received balance due froe Baird Corp. for the August 5 sale less the return on August 10. 18 Paid the amount due Waters Corporation for the August 8 porchas less the price allowance from August 12 19 Sold merchandise to Tux Co. for 3),600 under credit teras of 1/10, FOB shipping point, invoice dated August 19. The merchandise had cost $1,000 22 Tux requested price reduction on the August 19 Sale because the merchandise did not wet specification. Les cave price reduction allowance) of $600 to Tux, and credited Yux'ccounts receivable for that amount. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22 30 Paid Aron Company the amount due from the August 1 purchase Journal entry worksheet