Prepare journal entrles to record the following merchandising transactions of Lee's, which uses the perpetual Inventory system and the gross method. July 1 Purchased merchandise from Clark Company for $8,0 under credit terms of 1/15, n/30, FoB shipping point, invoice dated July 1. July 2 Sold merchandise to Clinton Company for $1,90 under credit terms of 2/10, n/6e, fOB shipping point, invoice dated July 2 . The merchandise had cost $1,140. July 3 Paid $525 cash for freight charges on the purchase of July 1 . July 8 sold merchandise that had cost $2,200 for $3,70 cash. July 9 Purchased merchandise from Griffin Company for $3,20 under credit terms of 2/15, n/6e, foB destination, invoice dated July 9. July 11 Returned $60 of merchandise purchased on July 9 from Griffin Company and debited its account payable for that amount. July12 Received the balance due from Clinton Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Clark Company within the discount period. July 19 Sold merchandise that cost $2,200 to Knight Company for $3,200 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $600 to Knight Company for merchandise sold on July 19 and credited Knight's accounts receivable for that amount. July 24 Paid Griffin Company the balance due, net of discount. July 30 Received the balance due from Knight Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,4 to Clinton Company for $9, under credit terms of 2/1, n/6e, fOB shipping point, invoice dated July 31 . General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab - General ledger software automates the balances for each of the customers' accounts. Schedule of Payables tab - General ledger software automates the balances for each of the suppliers' accounts. Income Statement tab - Prepare the income statement through the calculation of gross profit. Impact on Income tab - Indicate the impact each transaction had on net income