Prepare journal entries to record the following merchandising transactions of Cabela'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 July 1 in Accounts Payable-Boden.) July 1 Purchased merchandise from Boden Company for $6,900 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, TOB shipping point, invoice dated July 2. The merchandise had cost $575. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $2,200 for $2,600 cash. 9 Purchased merchandise from Leight Co. for $2,700 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. 11 Received a $700 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 $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, POB shipping point, invoice dated July 19. 21 Issued a $250 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 $5,700 to Creek Co. for $7,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. lote: Enter debits before credits. Credit Date July 12 General Journal Cash Sales discounts Debit 1,475 1,475 Paid the balance due to Boden Company within the discount period. Wote: Enter debits before credits. Debit Credit Date July 16 General Journal Accounts payable Boden Merchandise inventory Cash Paid Leight Co. the balance due, net of discount. Note: Enter debits before credits. Debit Credit Date July 24 General Journal Accounts payable-Leight Merchandise inventory Cash Received the balance due from Art Co. for the invoice dated July 19, net of discount. Note: Enter debits before credits. Date Debit Credit July 30 General Journal Cash Sales discounts Accounts receivable-Art