Problem 4-1A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) July 1 Purchased merchandise trom Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. 3 Paid $105 cash for freight charges on the purchase of July 1 8 Sold merchandise that had cost $2,300 for $2,700 cash. 9 Purchased merchandise from Leight Co. for $2,500 under credit terms of 2/15, nv60, FOB destinabion, invoice dated July 9. 11 Received a $500 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. 16 Paid the balance due to Boden Company within the discount period 19 Sold merchandise that cost $1,000 to Art Co. for $1,500 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 21 Issued a $250 credit memorandum to Art Co. for an allowance on goods sold on July 19. 24 Paid Leight Co. the balance due, net of discount. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount 31 Sold merchandise that cost $5,800 to Creek Co. for $7,400 under credit terms of 2/10, v60, FOB shipping point, invoice dated July 31 13252707374172093&