Prepore journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual itiventory system and the gross method. dated Augunt 1. Auguse 5 sold harchandise to Bstrd corporatios for $4,900 under eredit terme of 2/10, 8/60, ros destinatica, 1 tivatce doted Augure 5. The marehandibe had cont $3,000. Aogust n. Furchased menrehandive fron Waters Corpacation for 56,000 under eredit terms of 1/10, /45, Fo shipping point, Avgunt 3. Taid 6240 eank for shipping chargae related to the Augupt 3 asle to haird Cerporatian. merehandine vau rentored to inventory. 1600 . hove's