Prepare journsl entnes to record the following merchandising transactions of Clark's, which uses the perperual inventory system and the gross method, (Hint it will help to idently each recelvable and payable; for example, record the purchase on July 11 in Accounts Payabie-Ryan) The nerchanesse thad cost 5720 . 3uly ) aadd s2as cash for freleht churces on the parchate of July 1. 3uly in sold berchandite thet bad cost 11,4e0 for 52,360 cash. (9) Jwy is seturned s54u of serchandie purchased of July 9 fren berez ccepany and cebited its accourt payable for that iaount. July 12 Necelved the balance due fron Sanchez cotpany fer the invelce dated July 2 , net ef ehe diceust. July 16 Ease the Dalance eut to myan conpeny within the disceunt peried. dated july 19 , July 21 Geve a price neduction (allowance) of seae to Hall congany fer rerchandite auld or a bly ig atd credited iall's aceounts receltable for that antunt. 3uly 26 pald pecex coryany the balance due, ret of discosat, July 10 kecelved the balance doe fnon tull coppany for the livolice dated auly ay, ast gf discoint. involct duted buly 11 . For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if Input decreases to net incomet as minus sign. Upon completion. compare the gross profit with the ameunt repor the partial income statement. Prepare a multiple-step income statement through the calculation of gross profit. No input required The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you shoufd review the journal entries that affected that account to ensure that the journal entries are correct Show lessa Prepare a multiple-step income statement through the calculation of gross profit. Wo input required The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate asthe underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance If you have an abnormal ending balance (indicated with brackets in the general ledger), you shoufd review the journal entries that affected that account to ensure that the journal entries are correct Show lessa Prepare journsl entnes to record the following merchandising transactions of Clark's, which uses the perperual inventory system and the gross method, (Hint it will help to idently each recelvable and payable; for example, record the purchase on July 11 in Accounts Payabie-Ryan) The nerchanesse thad cost 5720 . 3uly ) aadd s2as cash for freleht churces on the parchate of July 1. 3uly in sold berchandite thet bad cost 11,4e0 for 52,360 cash. (9) Jwy is seturned s54u of serchandie purchased of July 9 fren berez ccepany and cebited its accourt payable for that iaount. July 12 Necelved the balance due fron Sanchez cotpany fer the invelce dated July 2 , net ef ehe diceust. July 16 Ease the Dalance eut to myan conpeny within the disceunt peried. dated july 19 , July 21 Geve a price neduction (allowance) of seae to Hall congany fer rerchandite auld or a bly ig atd credited iall's aceounts receltable for that antunt. 3uly 26 pald pecex coryany the balance due, ret of discosat, July 10 kecelved the balance doe fnon tull coppany for the livolice dated auly ay, ast gf discoint. involct duted buly 11 . For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if Input decreases to net incomet as minus sign. Upon completion. compare the gross profit with the ameunt repor the partial income statement. Prepare a multiple-step income statement through the calculation of gross profit. No input required The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you shoufd review the journal entries that affected that account to ensure that the journal entries are correct Show lessa Prepare a multiple-step income statement through the calculation of gross profit. Wo input required The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate asthe underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance If you have an abnormal ending balance (indicated with brackets in the general ledger), you shoufd review the journal entries that affected that account to ensure that the journal entries are correct Show lessa