Problem 5-2A Journal entries for merchandising activities-perpetual L03 Prepare general journal entries to record the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,800 under credit terms of 1/15,n/30, FOB factory. 2 Sold merchandise to Terra Co, for $2,600 under credit terms of 2/10,n/60. FoB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9.100 under credit terms of 2/15, n/60. FOB destination. 12 Received a $1,500 credit memo acknowledging the retum of merchandise purchased on July 9 . 12 Received the baiance due from Terra Co. for the credit sale dated July 2 . 13 Purchased office supplies from EastCo on credit, $960,n/30. 16 Paid the balance due to Jones Company. 19 Sold merchandise that cost $2,850 to Urban Co. for $3,800 under credit terms of 2/15,N/60, fOB shipping point. 21 issued a $300 credit memo to Urban Co. for an allowance on goods sold on July 19. 22 Received a debit memo from Urban Co, for an error that overstated the total invoice by $200. 29 Paid Keene Co. the baiance due. 30 Received the balance due from Urban Co. for the credit sale dated July 19. 31 Sold merchandise that cost $7,500 to Terra Co. for $10,000 under credit terms of 2/10,N60, FOB shipping point