Problem 5-1A (Algo) Preparing journal entries for merchandising activities LO P1, P2 Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpeual inventary synucim end the gross method July 1 Purchased merchandise from Boden Company for $6,100 under credit teras of 2/15, n/30, fog shipping point, imvatie datat July 2 Sold merchandise to Creek company for $950 under credit terms of 2/10, n/60, FO8 shipping point, Imrolce dited 30222 ne July 1. merchandise had cost $508. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 9 Purchased merchandise from Leight Company for $2,990 under credit terms of 2/15,n/60,708 destination, invoice dated 301 y July 8 Sold merchandise that had cost $1,480 for $1,880 cash. July 11 Returned $900 of merchandise purchased on July 9 from Leight company and debited its account per. 9. July 12 Received the balance due from Creek Company for the invoice dated. July 16 Paid the balance due to Boden Company within the discount period. Credit terms of 2/15, n/60, F08 shilpoing pooint, invoice, July 19 Sold merchandise that cost $800 to Art Comere company for merchandise sold on july 19 and credited Art's accounts July 21 Gaved a prit 19. receivable for that amount. July 24 Paid Leight, Company the balance due, net of discount. forpany for the invoice dated July 19 , het of discount. July 31 sold merchandise doid merchandise that cost $4,900 tompany for the invoice dated July 19 , net of discount. dated July 31. Journal entry worksheet Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1 . Note: Enter debits before credits: Journal entry worksheet 7817 Sold merchandise to Creek Co. for $950 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 2. Note: Enter debits before credits. Journal entry worksheet 4 Record the cost of merchandise sold, $508. Note: Enter debits before credits. doid merchandise that cost $4,900 tompany for the invoice dated July 19 , net of discount. dated July 31. Journal entry worksheet Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15,n/30, FOB shipping point, invoice dated July 1 . Note: Enter debits before credits: Journal entry worksheet Record sale of merchandise for $1,800 cash. Note: Enter debits before credits. dated JuTiy Journal entry worksheet Note: Enter debits before credits. dated July 31 . that cost $4,960 to any for the invoice dated July 19, het of oiscount. Journal entry worksheet Purchased merchandise from Leight Co. for $2,900 under credit terms of 2/15, n/60,FOB destination, invoice dated July 9. Note: Enter debits before credits. Journal entry worksheet \begin{tabular}{l}