Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system andthe gross method.July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point,invoice dated July 1.July 2 Sold merchandise to Creek Company for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice datedJuly 2. The merchandise had cost $500.July 3 Paid $125 cash for freight charges on the purchase of July 1.July 8 Sold merchandise that had cost $1,300 for $1,700 cash.July 9 Purchased merchandise from Leight Company for $2,200 under credit terms of 2/15, n/60, FOB destination, invoicedated July 9.July 11Returned $200 of merchandise purchased on July 9 from Leight Company and debited its account payable for thatamount.July 12 Received the balance due from Creek Company 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 that cost $800 to Art Company for $1,200 under credit terms of 2/15, n/60, FOB shipping point,invoice dated July 19.July 21 Gave a price reduction (allowance) of $100 to Art Company for merchandise sold on July 19 and credited Art'saccounts receivable for that amount.July 24 Paid Leight Company the balance due, net of discount.July 30 Received the balance due from Art Company for the invoice dated July 19, net of discount.July 31 Sold merchandise that cost $4,800 to Creek Company for $7,000 under credit terms of 2/10, n/60, FOB shippingpoint, invoice dated July 31.<View transaction list1 ..... 7Record cost of merchandise sold, $800.Note: Enter debits before credits.DateJuly 198 9 10Record entryGeneral JournalClear entry1112Debit17CreditView general.... 8 9 10 11 12Note: Enter debits before credits.DateJuly 21Record entryGeneral Journal1 ... 6Clear entryNote: Enter debits before credits.Gave a price reduction (allowance) of $100 to Art Company for merchandisesold on July 19 and credited Art's accounts receivable for that amount.DateJuly 19Record entry13 .... 17Sold merchandise to Art Company for $1,200 under credit terms of 2/15,n/60, FOB shipping point, invoice dated July 19.DebitCredit7View generalGeneral Journal< 18Clear entryDateJuly 249 109Record entryNote: Enter debits before credits.10 11 12Paid Leight Company the balance due, net of discount.11General JournalClear entryDebit131714CreditView general**** 17DebitCreditView general 1*****10 11 12Note: Enter debits before credits.DateJuly 30Record entryReceived the balance due from Art Company for the invoice dated July 19, netof discount.General Journallote: Enter debits before credits.DateJuly 31Record entryClear entry1 ..... 10 11 12 13Record cost of merchandise sold, $4,800.13General JournalClear entry14141515Debit1617DebitCreditView general17CreditView general1 .... 10 11 12 13 14 15 16Note: Enter debits before credits.Sold merchandise to Creek Company for $7,000 under credit terms of 2/10,n/60, FOB shipping point, invoice dated July 31.DateJuly 31Record entryGeneral JournalClear entry17DebitCreditView general

Name: Prepare journal entries to record the following merchandising transac
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual Inventory system andthe gross method.July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB sh