GL04-02 - 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 undor credit torms of 1/10, 1/30, POB destination, invoice dated August 1. Rag. sold merchandise to Baird Corp. for $5,200 under credit termo of 2/10. n/60. FOB destination, invoice dated August 5. The merchandise had cost $4,000. Aug. Purchased merchandise from Watera Corporation for $5,400 under credit term of 1/10, 1/45, Fon shipping point, invoice dated August 8. Aug. 9 Paid 6125 cash for shipping charges related to the August 5 hale to Naird Corp. Aug. 10 Baird returned merchandise from the August 5 wake that had cont Love9400 and was sold for $600. The merchandise as restored to inventory. Aug. 12 After negotiations with Waters Corporation concerning problem with the purchases on August 8, Lowe's received a credit memoranduin frou Woter granting a price reduction of $400 off the $5,400 of goods purchased. Aug. 14 At Aron's request, Love is paid $200 cash for freight charges on the August purchase, reducing the amount owed to Aron. Aug, 15 Received balance due from Baird Corp. for the August 5 wale loon the return on August 10. Aug. 18 Taid the amount duo Matera Corporation for the August purchase less the price allowance from August 12. Aug. 19 told merchandise to Tux Co. for 34,800 under credit terms of 1/10, YOB shipping point, invoice dated August 19. The merchandise had cost $2,400. Aug. 32 tux requested price reduction on the August 19 Wale Deck the merchandise did not mootwpecifications, Love's wont Tux a $500 credit memorandum toward the $4.800 Invoice to resolve the Law 209. 29 Received Tuscash payment for the amount due from the August 19 sale loss the price allowance from August 22. Aug. 30 Taid Aron Company the amount due from the August I purchase. Requirement General Journal General Ledger Trial Balance Schedule of Receivables Schedule of Payables Income Statement Impact on Income