Saved GL04-02- Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system 0Hint It will help to identify each receivable and payable: for example, record the purchase on August 1 in Accounts Payable-Aron) Aug. 1 Purchased merchandise from Aron Company for $7,500 under credit teres of 1/10, n/30, FOE destination, invoice dated August 1 s Seld merchandise to Baird Corp. for $5,200 under credit ters of 2/10, n/se, FO destination, invoice dated August 5. The merchandise had cost $4,000. 8 Purchased merchandise from Maters Corporation for $5,400nder credit teres of 1/10, n/45, FO sipping point, invoice dated August 8 Aug Aug- Aug.9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned erchandise from the August 5 sale that had cost Lowe's $00and was sold for $00. The merchandise was restored to inventory. Aug. 12 After negotiations with Maters Corporation concerning problens with the purchases on Agust , Lowe's received a credit menorandum from Waters grant ing a price reduction of $400 off the $5,400 of goods purchased. Aug. 14 At Aron's request, Love"s paid $200 cash for freight charges on the August 1 perchase, reducing the anount oed to Aron Aug. 15 Received balance due from Baird Corp. for the August 5 sale less the return on Aupust 10. Aug. 18 Paid the anount due Waters Corporation for the August 8 prchase less the price allewance from August 12 Aug. Sold merchandise to Tux Co. for $4,800under credit teres of n/10, FO shipping point, inveice dated August 19. The merchandise had cost $2,400. Aug. 22 Tux requested a price reduction on the Agust 19 sale because the erchandise did not eet specificalfos ns. Lowe's sent Tuxc a $500 credit memorandun toward the $4,800 invoice to reselve the issue Aug. 29 Received Tux's cash paysent for the amount due from the lugust 19 sale less the price allowance from August 22 Aug. 30 Paid Aron Company the anount due from the August 1 purchase General Journal General Ledger Schedule of Recevables Schedule of Payables Income Statement Impact on Income Requirement Trial Balance Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries