Ch.4 G.L. Assignment Saved Help Save & Exit Submit Check my work - Prepare journal entries to record the following merchandising transactions of Zhang'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-Turner.) points July 1 Purchased merchandise from Turner Company for $11, 800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Skipped July 2 Sold merchandise to Hall Company for $3, 800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2, 280. July 3 Paid $1,285 cash for freight charges on the purchase of July 1 July 8 Sold merchandise that had cost $4,500 for $7,500 cash. July 9 Purchased merchandise from Clinton Company for $5,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July BOOK July 11 Returned $1,080 of merchandise purchased on July 9 from Clinton Company and debited its account payable for that amount. July 12 Received the balance due from Hall Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Turner Company within the discount period. July 19 Sold merchandise that cost $4,900 to Thompson Company for $7,080 under credit terms of 2/15, n/60, FOB shipping point, Print invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,400 to Thompson Company for merchandise sold on July 19 and credited Thompson's accounts receivable for that amount. In July 24 Paid Clinton Company the balance due, net of discount. References July 30 Received the balance due from Thompson Company for the invoice dated July 19, net of discount. ly 31 Sold merchandise that cost $7,700 to Hall Company for $12, 800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General General Ledger Trial Balance Schedule of Schedule of Income Impact on Journal Receivables Payables Statement Income 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 minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement. Increase Impact on income decrease) to income July 1) Purchased merchandise from Turner Company for $11,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2) Sold merchandise to Hall Company for $3,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. July 2) The cost of the merchandise ise sold to Hall Company was $2.280. July 3) Paid $1,285 cash for freight charges on the purchase of July 1. July 8) Sold merchandise for $7,500 cash July 8) The cost of the merchandise sold was $4,500 July 9) Purchased merchandise from Clinton Company for $5.100 under credit terms of 2/15, n/80, FOB destination, invoice dated July 9. July 11) Received a $1,000 credit memorandum from Clinton Company for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Hall Company for the invoice dated July 2. net of the discount. July 16) Paid the balance due to Turner Company within the discount period. July 19) Sold merchandise to Thompson Company for $7.000 under credit terms of 2/15, n/80, FOB shipping point. nvoice dated July 19.Ch.4 G.L. Assignment Saved Save & Exit Submit Check my work Prepare journal entries to record the following merchandising transactions of Zhang'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-Turner.) points July 1 Purchased merchandise from Turner Company for $11,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Skipped July 2 Sold merchandise to Hall Company for $3, 800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2, 280. July 3 Paid $1, 285 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4, 500 for $7,500 cash. July 9 Purchased merchandise from Clinton Company for $5,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July BOOK July 11 Returned $1,000 of merchandise purchased on July 9 from Clinton Company and debited its account payable for that amount. July 12 Received the balance due from Hall Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Turner Company within the discount period. July 19 Sold merchandise that cost $4,900 to Thompson Company for $7,090 under credit terms of 2/15, n/60, FOB shipping point, Print invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,490 to Thompson Company for merchandise sold on July 19 and credited Thompson's accounts receivable for that amount. July 24 Paid Clinton Company the balance due, net of discount. References July 30 Received the balance due from Thompson Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,700 to Hall Company for $12, 800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement General General Trial Balance Schedule of Schedule of Income Impact on Journal edger Receivable Payables Statement 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. View transaction list Journal entry worksheet Ch.4 G.L. Assignment (i Saved Help Save & Exit Submit Check my work Prepare journal entries to record the following merchandising transactions of Zhang'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-Turner.) points July 1 Purchased merchandise from Turner Company for $11, 800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated Skipped July 2 Sold merchandise to Hall Company for $3,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2, 280. July 3 Paid $1, 285 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,500 for $7,500 cash. July 9 Purchased merchandise from Clinton Company for $5,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July Book July 11 Returned $1,000 of merchandise purchased on July 9 from Clinton Company and debited its account payable for that amount. July 12 Received the balance due from Hall Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Turner Company within the discount period. July 19 Sold merchandise that cost $4,900 to Thompson Company for $7,080 under credit terms of 2/15, n/60, FOB shipping point, Print invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,400 to Thompson Company for merchandise sold on July 19 and credited Thompson's accounts receivable for that amount. In July 24 Paid Clinton Company the balance due, net of discount. References July 30 Received the balance due from Thompson Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,700 to Hall Company for $12, 800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Requirement Genera General Journal Ledger Trial Balance Schedule of Schedule of Income mpact on Receivables Payables Statement Income Prepare a multiple-step income statement through the calculation of gross profit. Zhang's Company Partial Income Statement For the Month Ended July 31, 2021 $ o