Prepare journal entries to record the following merchandising transactions of Lowes, which uses the perpetual inventory system

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Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method.

Aug. 1 5 8 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, 1/30, FOB

9 dated August 8. Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp.

10 12 14 15 18 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for

19 22 29 Sold merchandise to Tux Co. for $4,800 under credit terms of n10, FOB shipping point, invoice dated

30 Paid Aron Company the amount due from the August 1 purchase.

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