Problem 5-33 Journal entries for merchandising activities-perpetual LO3 knuse Me Cabuys and sells new and used equipment for amusement paris, carnivals, parks, and zoos. Pre- pureteral journal entries to record the following perpetual system merchandising transactions of Amuse Me Ch. Use a separate account for each receivable and payable: for example, record the purchase on July 3 in Aunts Payable-CMP Corp. 3 7 10 Purchased bumper cars from CMP Corp. for $32,000 under credit terms of 1/10.30. FOB AL CMP's request paid $1.500 for freight charges on the July 3 purchase, reducing the amount Said cotton candy machines to West Coast Zoo for $21.000 under credit terms of 2/10, GO Foad The merchandise had cost $17.500 Purchased show.cone machines from Cimarron Corporation for $29.300 under credit terms of t10.45 Shipping point Paid $1200 shipping charges related to the July 7 sale to West Coast Zoo West Coast Zoo returned merchandise from the July 7 sale that had cost $2.500 and been sold for $3.500 merchandise was restored to inventory Aftet negotiations with Cimarron Corporation concerning problems with the merchandise purchased on received a credit memo from Cimarron granting a price reduction of $4,100. Received balance due from West Coast Zoo for the July 7 sale Sold for cash a piece of vacant land for its original cost of $62.000 Purchased a used van for the business. $28,000, paid cash of $10,000 and borrowed the balance from the Paid the amount due Cimarron Corporation for the July 10 purchase. Sold e Climbing wall to Canadian National Exhibition for 518,000 under credit terms of 1/10.30, FOB point. The merchandise had cost $13,100 Canadian National Exhibition requested a price reduction on the July 21 sale because the merchandisedias meet specifications. Sent Canadian National Exhibition a credit memo for $3.000 to resolve the issue Received Canadian National Exhibition's payment of the amount due from the July 21 purchase. Paid CMP Corp the amount due from the July 3 purchase 17 19 20 21 24 31 31