Prepore journal entries to record the following merchandising tronsactions of Cobela's, which uses the perpetuol inventory system and the gross method. DuIy $1.$ The menchandise had cost $25$s$0.$

Zuly $3$ patd $$135$ cash for firctght changes on the purchasc of july $1.$

July $8$ sold mefchandase that had cost $$1,900$ for $22,300$ cash.

July $9$ Punchasca nerchandise from Leaght company for $$2,$ goe under credit terms of $\frac{2}{15},$ n$/$co$,$ fos dest$$nation$,$ invoice dated $301y9.$

Duly $11$ Returnod sgob of menchandisc punchased on guly $9$ from Leight Company and debited it account payable for that arrount.

gu$1$y $12$ Rcceducd the balance due Inom Cnock Gompany fon the Involce dated July $2,$ net of the discount.

July $16$ Pazd the balance due to Boden Company within the discount poriod.

$2$uly $19$ sold menchandisc that cost $$1,$ Q$0$e to Art Company for $$1,500$ under cradit tenms of $\frac{2}{15},$ n$/$ce$,$ Fos shipping point, involce dated $3$uly $19.$

$3$uly $21$ Gave a price reduction $($allowance$)$ of $$250$ to Ant Company for merchandise zold on $3$ uly $19$ and creditcd Art's accountex reccivable for that amount.

July $24$ Paid Loight company tha balanca duc, net of discount.

July $30$ Received the balance due from Art Company for the invorce dated July $19,$ net of discount.

July $31$ Sold menchandise that cost $$5,400$ to Creck Company for $27,260$ under credit tenns of $\frac{2}{10},$ n$/60,$ FoB shipping point, invoice dated July $31.$

Journal entry worksheet

$1$

$3$

$4$

$5$

$8$

$7$

$8q,17$

Purchased merchandise from Bodan Compsty for $$6,$ Eoo under yredt terms of $2/15,$ n$/30,$ ros shipping point, irvacice dated July $1.$

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