Prepure journal entries to record the following meichandising Iransactions of Peiez's, which uses the perpetual inventory system and the gross method. $($Hint it wil help to identify each recelwable and payable; for example, record the purchase on July $1$ in Accounts Payable$-$Lee$)1.$

July $2$ Sold merchandise to Parker Company for $$1,800$ under credit terms of $\frac{2}{10},$ N$/60,$ Foe shipping point, invalce dated July $2.$ The merchandise had cost $51,$ osp.

July $3$ paid stas cash for freight charges on the purchase of July $1.$

July $8$ sold merchandist that had cost $$2,100$ for $$3,500$ cash.

July $9$ Purchased merchandise from Thoapson Conpany, for $$3,100$ under credit terms of $2/15,$ n$/60,$ roe destination, Involce dated July $9.$

zuly $11$ Returned s$600$ of merchandise purchased on zuly $9$ fron Thomsen Company and debited its accaunt payable for that amount. July $12$ Recelved the balance due fron Parker Company for the imoler dated July $2,$ net of the discount.

luly $16$ Pald the balance due to Let Company within the discount period. Invice dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of S$600$ to Mitchell Conpany for merchandise sold on Nly $19$ and credited Mitchell's accounts receivable for that aroust.

Jaly $24$ pald Thompson Company the balance due, net of discount.

July $30$ Recelived the balance due fron Miteneli Conpary for the invoice dated July $19,$ net of discount.

July $31$ Sold merchandise that cast $$5,300,$ to Parker Ceepony for $$5,k09$ under credit terws of $\frac{2}{10},\frac{n}{60},$ fob ahipping folnt, Involce deted July $31.$

Requirement

General

General

Trial Ralance

Schedule of

Schedule of

Income

tmpact on

Journal

Ledper

heceivables

parables

statement

Income

General Journal tab $-$ Journalze the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts paysbie will be updated based on your entries.

GeneralLedger tab $-$ One of the advantages of general Iadger software is that posting is dene automatically. To see the detail of all trancactions that alfect a speofic sccount, or the balance in an account at a specific point in time, click, on the General Ledger tab.

Irial alance tab $-$ General ledger soltware also automates the preparation of tial balances. A trial balance lists each account from the General Ledges, along with its balance, elther a debit or a credit. Fotal debits should always equal total credits.

Schedule of Recelvabies tab $-$ General Ledger sofware automates the balances for eakh of the customer's accounts.

Schedule of Payabies tab$-$General Ledger sofware avtomates the balances for each of the supplier's accounts.

Income Statemeat fab $-$ Prepare the inceme statement through the calculation of gross profit.

Impact on Incomet tab $-$ Indicate the limpact each transuction had on bet income.