GL0401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Ryan'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-Wright) July 1 Purchased merchandise from Weight Company for $11,000 under credit terms of 1/15, n/30, po shipping point, invoice dated July 1. July 2 Sold merchandise to Lee Company for $3,400 under credit terms of 2/10, n/60, FOB shipping point, Invoice dated July 2. The merchandise had cost $2,040. July 3 Paid $1,125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,000 for $6,700 cash. July 9 Purchased merchandise from Lane Company for $4,700 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lane Company and debited its account payable for that amount. July 12 Received the balance due from Lee Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Wright Company within the discount period. July 19 Sold merchandise that cost $4,300 to Martin Company for $6,200 under credit term of 2/15, n/60, VOB shipping point, invoice dated July 19. July 21 Gave a price reduction allowance) of 51,200 to Martin Company for merchandise Hold on July 19 and credited Martin's accounts receivable for that amount. July 24 Paid Lane company the balance due, net of discount. July 30 Received the balance due from Martin Company for the invoice dated July 19, net of discount. July told merchandise that cost $7,200 to Lee Company for $12,000 under credit terme of 2/10, 1/60, YOD shipping point, invoice dated July 31. July OULU LLOMID LHAL LULU HALL many LUULUU EL LLULL LE point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1,200 to Martin Company for merchandise Martin's accounts receivable for that amount. July 24 Paid Lane Company the balance due, net of discount. July 30 Received the balance due from Martin Company for the invoice dated July 19, net July 31 Sold merchandise that cost $7,200 to Lee Company for $12,000 under credit terms point, invoice dated July 31. Income Statement General General Schedule of Schedule of Requirement Trial Balance Journal Ledger Receivables Payables Prepare a multiple-step income statement through the calculation of gross profit. Ryan's Company Partial Income Statement For the Month Ended July 31, 2021 Prey 1 of 1 Next 80 ga 23 $ 3 & 7 4 5 6 8