sale that had sold for $600. August 10) The cost of the merchandise returned by Lowe's was $400. The merchandise was restored to inventory. August 12) After negotiations with Waters Corporation concerning problems with the purchases on August 8 , Lowe's received a credit memorandum from Waters granting a price reduction of $400 off the $5,400 of goods purchased. August 14) At Aron's request, Lowe's paid \$200 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron. August 15) Received balance due from Baird Corporation for the August 5 sale less the return on August 10 . August 18) Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. August 19) Sold merchandise to Tux Company for $4,800 under credit terms of n/10,FOB shipping point, invoice dated August 19. August 19) The cost of the merchandise sold merchandise to Tux was $2,400. August 22) Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit memorandum toward the $4,800 invoice to resolve the issue. August 29) Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Aron Company the amount due from the August 1 purchase. Prepare joumal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: t will heip to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) Kuguat 1 Purehased marchandile from Aron Company for $7,500 under credit terms of 1/10, n/30, FoB destination; invoice dated sugust 1 . Auguint 5 Sold morohandise to Baird Corporation for $5,200 under eredit terms of 2/10, n/60, Pog deatination, invoice dated August 5 . The merehandite had cont $4,000. Kuguse 8 purchased merchandise from Katern Corporation for 55,400 under eredit eersh of 1/10, n/45, Fog shipping polnt, invoice dated Auguat 8 . Kugust 9 Pald 3125 cash. for shipping charges related to the August 5 sale to Baird Corporation. merchandise wall restored to inventory. Wugat 12 After negotiations with waters Corporation concerning problems with the purchasel on August B, Lowe'n received a credit momorandun froa Watera granting a price reduction of $400 oft the $5,400 of goods purchased. August 14Nt Aron' a request, fove's paid $200 eash for freight charges on the huguat 1 purehase, reducing the anount oved to Aron. August 15 Received balance due fron Baird Corporation for tho Augut 5 malo lens the return on Mugust 10. Mugunt 18 Paid the amount due Waters Corporation for the August 8 purchase less tho price allowance from Auguat 12 . Nugust 19 sold merehandise to fux Company for \$4, 800 under credit terms of n/10, Fob shipping polnt, involee dated Auguet 19. The nerehandise had cost $2,400. Nugust 22 Tux requested a price roduction on the August 19 sale because the nerehandise did not meet epeoifieations. Lowe"n nent Tux a $500 eredit memorandun toward the $4,800 Invoice to resolve the fasue. Muguet 29 llecelved Tux's cash payment for the anount due from the August 19 sale lesin the price allowanco from Aagust 22. Auguat 30-Pofd Aron Conpany the anount due from the Nugust-1 purchase. sale that had sold for $600. August 10) The cost of the merchandise returned by Lowe's was $400. The merchandise was restored to inventory. August 12) After negotiations with Waters Corporation concerning problems with the purchases on August 8 , Lowe's received a credit memorandum from Waters granting a price reduction of $400 off the $5,400 of goods purchased. August 14) At Aron's request, Lowe's paid \$200 cash for freight charges on the August 1 purchase, reducing the amount owed to Aron. August 15) Received balance due from Baird Corporation for the August 5 sale less the return on August 10 . August 18) Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12. August 19) Sold merchandise to Tux Company for $4,800 under credit terms of n/10,FOB shipping point, invoice dated August 19. August 19) The cost of the merchandise sold merchandise to Tux was $2,400. August 22) Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit memorandum toward the $4,800 invoice to resolve the issue. August 29) Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30) Paid Aron Company the amount due from the August 1 purchase. Prepare joumal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: t will heip to identify each recelvable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) Kuguat 1 Purehased marchandile from Aron Company for $7,500 under credit terms of 1/10, n/30, FoB destination; invoice dated sugust 1 . Auguint 5 Sold morohandise to Baird Corporation for $5,200 under eredit terms of 2/10, n/60, Pog deatination, invoice dated August 5 . The merehandite had cont $4,000. Kuguse 8 purchased merchandise from Katern Corporation for 55,400 under eredit eersh of 1/10, n/45, Fog shipping polnt, invoice dated Auguat 8 . Kugust 9 Pald 3125 cash. for shipping charges related to the August 5 sale to Baird Corporation. merchandise wall restored to inventory. Wugat 12 After negotiations with waters Corporation concerning problems with the purchasel on August B, Lowe'n received a credit momorandun froa Watera granting a price reduction of $400 oft the $5,400 of goods purchased. August 14Nt Aron' a request, fove's paid $200 eash for freight charges on the huguat 1 purehase, reducing the anount oved to Aron. August 15 Received balance due fron Baird Corporation for tho Augut 5 malo lens the return on Mugust 10. Mugunt 18 Paid the amount due Waters Corporation for the August 8 purchase less tho price allowance from Auguat 12 . Nugust 19 sold merehandise to fux Company for \$4, 800 under credit terms of n/10, Fob shipping polnt, involee dated Auguet 19. The nerehandise had cost $2,400. Nugust 22 Tux requested a price roduction on the August 19 sale because the nerehandise did not meet epeoifieations. Lowe"n nent Tux a $500 eredit memorandun toward the $4,800 Invoice to resolve the fasue. Muguet 29 llecelved Tux's cash payment for the anount due from the August 19 sale lesin the price allowanco from Aagust 22. Auguat 30-Pofd Aron Conpany the anount due from the Nugust-1 purchase