Prepare the journal entries to record the following merchandising transactions of Clooky Company which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable by customer or vendor name; and to use T-accounts to record and adjust balances due to each customer or vendor (30 Points). i use 1-Jan Purchased merchandise from Pablo Company for $5,000 under credit terms 3/10, n/30 FOB shipping point. 2-Jan Paid $200 cash for freight charges on the January 1 purchase from Pablo. 4-Jan Returned $2,000 of merchandise purchased on January 1 from Pablo. 7-Jan After negotiations with Pablo concerning problems with the purchase on January 1, Clooky's received a price reduction from Pablo of $400 off the goods purchased. 10-Jan Paid the amount due Pablo for the January 1 purchase; less the return on January 4th and the price allowance on January 7th. 12-Jan Sold merchadise to Santana for $8,000 under credit terms 3/15, 1/30, FOB destination. The merchandise had cost $5,000. 16-Jan Paid $100 cash for shipping charges related to the January 12th sale to Santana. 20-Jan Santana returned merchandise from the January 12th sale that had sold for $2,000 and had a cost to Clooky's of $1,250. The merchadise was restored back into inventory 21-Jan Santana requested a price reduction on the January 12th sale because the merchandise did not meet specifications. Clooky's gave a price allowance of $500 to Santana. 26-Jan Received payment from Santana for the amount due from the Janury 12th sale; less the return on January 20th and the allowance on January 21st