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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system and the gross method. (Hint: It will help to identify each receivable and payable, for example, record the purchase on July 1 in Accounts Payable-Boden.) Jul. 1 Purchased merchandise from Boden Company for $8,000 under credit terms of 1/15, 1/30, POB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Creek Co. for $1,900 under credit terms of 2/10, n/60, TOB shipping point, invoice dated July 2. The merchandise had cost $1,140. Jul. 3 Paid $525 cash for freight charges on the purchase of July 1. Jul. 8 Sold merchandise that had cost $2,200 for $3,700 cash. Jul. Purchased merchandise from Leight Co. for $3,200 under credit terms of 2/15, n/60, POB destination, invoice dated July 9. Jul. 11 Received a $600 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. Jul. 12 Received the balance due from Creek Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Boden Company within the discount period. Jul. 19 Sold merchandise that cost $2,200 to Art Co. for $3,200 under credit terms of 2/15, 1/60, TOB shipping point, invoice dated July 19. Jul. 21 Issued a $600 credit memorandum to Art Co. for an allowance on goods sold on July 19. Jul. 24 Paid Leight Co. the balance due, net of discount. Jul. 30 Received the balance due from Art Co. for the invoice dated July 19, net of discount. Jul. 31 Gold merchandise that cost $5,400 to Creek Co. for $9,000 under credit terns of 2/10, n/60, TOB shipping point, Invoice dated July 31. Requirement General Journal General Ledger Trial Balance Schedule of Berelvables Schedule of Payables Income Statement Impact on Income Journalize the merchandising transactions. The General Ledger, trial balance, and schedules of accounts receivable and accounts payable will be updated based on your entries. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Journal tab - Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. Income Statement tab - Prepare the income statement through the calculation of gross profit Impact on Income tab - Indicate the impact each transaction had on net income. Requirement General Journal > View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 17 Jul. 1) Purchased merchandise from Boden Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Note: Enter debits before credits Account Title Debit Credit Date Jul 01 Record entry Clear entry View general journal Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income General Ledger Account Merchandise Inventory Cash Debit No. Credit No. Debit Credit Date Jul 01 Balance 25,500 Date Jul 01 Balance 8,000 Cabela, Capital Debit Credit No. Date Balance 33,500 Schedule of General Journal Requirement General Ledger Trial Balance Impact on Income Schedule of Payables Receivables Income Statement Cabela's Company Trial Balance July 31, 2017 Credit Account Title Cash Debit 25,500 8,000 Merchandise inventory Cabela, Capital Total 33,500 33,500 33,500 $ Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement No input required Dates: Jul 01 Cabela's Company Schedule of Accounts Receivable Accounts receivable - Art Accounts receivable - Boden Accounts receivable - Creek Accounts receivable - Leight Total accounts receivable ( Trial Balance Schedule of Payables > General Journal General Ledger Schedule of Receivables Schedule of Payables Requirement Trial Balance Income Statement Impact on Income Prepare a multiple-step income statement through the calculation of gross profit. Cabela's Company Partial Income Statement For the Month Ended July 31, 2017 General Journal General Ledger ance Schedule of Schedule.com este comente Schedule of Receivables Requirement Schedule of Payables Trial Balance Income Statement Impact on Income moeten For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as negative values. Upon completion, compare the gross profit with the amount reported on the partial income statement. Impact on income Increase (decrease) to Income July 1) Purchased merchandise from Boden Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Creek Co. for $1,900 under credit terms of 2/10, 1/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise sold to Creek Co. was $1,140 July 3) Paid $525 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $3.700 cash. July 8) The cost of the merchandise sold was $2,200. July 9) Purchased merchandise from Leight Co. for $3,200 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. July 11) Received a $600 credit memorandum from Leight Co. for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Creek Co. for the Invoice dated July 2, net of the discount. July 16) Paid the balance due to Boden Company within the discount period July 19) Sold merchandise to Art Co. for $3,200 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Art Co. was $2,200. July 21) Issued a $600 credit memorandum to Art Co. for an allowance on goods sold on July 19. July 24) Paid Leight Co the balance due, net of discount. July 30) Received the balance due from Art Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Creek Co. for $9,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31 July 31) The cost of the merchandise sold to Creek Co. was $5,400. Total gross profit Income Statement Impact on Income >