Check my work GL0402 (Static) - 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. (Hint: 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 terms of 1/10, n/30, FOB destination, invoice dated August 1. Aug. Aug. Aug. 5 Sold merchandise to Baird Corp. for 55,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. 8. Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, ron shipping point, a invoice dated August 8. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Love's $400 and was sold for $600. The merchandise was restored to inventory. Aug. 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a credit memorandum fron Waters granting 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 purchase, reducing the amount owed to Aron. Aug. 15 Received balance due fron Baird Corp. for the August 5 sale less the return on August 10. Aug. 16 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance fron August 12, Aug. 19 Bold merchandise to Tux Co. for $4,800 under credit terms of n/10, Fos shipping point, invoice dated August 19. The merchandise had cost $2,400. Aug. 22 Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $500 credit memorandun toward the $4,800 invoice to resolve the issue. Aug. 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22. Aug. 30 Paid Aron Company the amount due from the August 1 purchase. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income Prepare a multiple-step income statement. View previoum