Prepare journal entries to record the following merchandising uransactions of Lou'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. Aos. 1 Purchased nerchandise fron Aron Compary for 57,900 under credit terns of 1/10, N/30, F06 destination, invoice dated August 1. 5 Sold nerchandise to Boird Corp, for \$4,909 under credit terns of 2/10, n/6e, Fod destination, invoice dated August 5. The serchanaise had cost 33,990 . 8 purchased nerchandise from Waters corporation for 36,000 under credit terns of 1/1e, n/45, F08 shipping point, invoice doted August 8. 9 Paid $260 cash for shipping chacges reloted to the Aucust 5 sale to Baird Corp. 19 Badra returned merchandise fron the August 's sale that had cost Lou's $59e and was sold for \$1,09e. The merchandise was restored to inventory. 12. After negotiations with Waters Corporation concernine problens with the purchases on August 8, Lou's received a price reduction fron Maters of $690 off the $6,090 of goods purchased. Lou's debited accounts payable for $6e9. 14 At Aron's request, Lou's paid $310 cash for freight charges on the August 1 purchase, reducing the amount oned (accounts payable) to Aron. 15 meceived balance due from Baird Corp. for the Aupust 5 sale less the return on August 10. 18 Paid the aoount due Waters Corporation for the August 8 purchast less the price alionance from August 12. 19 Sold merchandise to Tux C0. for $4,290 under credit terns of N/18, F06 shipping point, invoice dated August 19. The eerchandise hed cost 52,169 . 22 Tux requested a price reduction on the August 19. sale becouse the merchandise did not met specifications. Lou's igve a price reduction (allowance) of s7ee to Tux, and credited Tux's accounts receivable for that onourt. 29 Received Tux's cash paytent for the anount due from the August 19 sale less the price allowance from Aogust 22. 30 Paid Aron Lompany the arount due fron the Aagust 1 purchase