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Prepare journal entries to record the following merchandising transactions of Cabela's. which uses the petpetuat inventory system and the gross method July 1 . Ful 2 sold nerchandise to creek Company for $950 under credit terms of 2/10, n/6e, Fo6 shipping point, involce dated July 2 . The merchandise had cost $583. July 3 pald $14 e cash for freight charges on the purchase of Joly 1. July 8 sold eterchandise that had cost $2,300 for $2,700 cash. July 9 Purchased merchandise froe teight Compary for $2,700 under credit terss of 2/15, n/6e, roe destinatien, finvelce dated July 9. July 11 Returned s7ee of merchandise purchased on July 9 from Ceicht conpany and debited its accoure payable for that anount. July 12 Received the balance due fcon Creek conpary for the invoice dated July 2 , net of the discount. July 16 paid the balance due to Boden Conpany within the discount period. July 19 Sold merchandise that cost $300 to Art cospany for $1,200 under credit term of 2/25, N/Se, Pce shippinc point, involce dated July 19. July-21 Gave a price reduction (allowance) of $200 to Art Company for merchandise sold on July 19 and credited Art's accounts recetvable for that anount. July 24 pasd Lelght conpany the balance due, net of disceunt. July 30 pecelved the balance due from Art Conpary for the invelce datad suly 19, net ef discount. dated July 31