Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetuai inventory system an the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Account: Payable-Aron. Augunt 1 Purehaned nexehandime from Xron Company for $7,500 under eredit cerma of 1/10, n/30, Fon dowtination, invoice dated Auguet 1 . Nuguet 5 sold merehandine to Daird Corporation for 55,200 under eredit torma of 2/10, n/60, roe deatination, invoice Nogunt i Parehased nerehandiae frcen Naters Corporation for $5,400 under eredit terat of 1/10, h/ /45, rob ahapping poiat, 5 sale that had cost Lowe' 3 s 560 and wai sold tor 5600. The oved (aceount payable) to Aron. Augant 15 Mooeived balnace due from laird Corporation for the Auguat 5 malo loma the return on Aaguat 10. Journal entry worksheet 4 5 6 7 8 16 Purchased merchandise from Aron Company for $7,500 under credit tarms of 1/10,n/30,FOB destination, Invoice dated August 1. Notna Enter debts before credin