roblem 4-1A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 repare joumal entries to record the following merchandising transactions of Cabelas, which uses the perpetual inventory system and he gross method. Hint lit will help to identify each recelvable and payable, for example, record the purchase on July 1 in Accounts ayable-Boden 1. Purchased merchandise froe Boden Coepany for $6,690 under credit teras of 2/15,n/30, fog shipping point, Invoice dated July 1 2 Sold merchandise to Creek Co. for $950 under credis terns of 2/10,n/60, Foe shipping poinc, invoice dated July 2 . The serchandise had cost $550. 3 Paid 511e cash for freight charges on the purchase of July 1 8 sold merchandise that had cost $1,900 for $2,300 cash. 9 Purchased eerchandise froe Leight C0 for $2,800 under credit terms of 2/15,n/60, FoB destination, invoice dated July 9 11 Returned 5800 of merchandise purchased on July 9 froe Le1ghe Co. and debited its account payable for that anount. 12 Received the balance due fron Creek Co. for the invoice dated july 2, net of the discount. 16 Paid the balance doe to Boden Coepany within the discount period. 19 Sold merchandise that cost $1,000 to Art Co. for $1,50e under credit terms of 2/15, a/6e, FoB shipping poinc, invoice dated July 15 . 21 Gave a price reduction (allowance) of $250 to Art Co. for merchandise sold on Joly 19 and credited Art's accounts receivable for that asount. 24 Paid Leight Co. the balance due, net of discount. 3e Recesved the balance due froe Art Co. for the invoice dated July 29, net of aiscount. 31 sold merchandse that cost $5,400 to Creek Co. for $7,200 under credit teres of 2/10, n/60, Fo6 , hipping point, invoice dated July 31 Journal entry worksheet Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15,n/30,FOB shipping point, invoice dated July 1. Note: Enter debats belore credits. Journal entry worksheet 467817 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 45 Record the cost of merchandise sold, $550 Note: Enter debits before gredits. Journal entry worksheet