GLO401 (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) Puly 1 Purchased merchandise from Wright Company for $11,000 under credit terms of 1/13, 730, 700 chipping point, invoice dated July 1. July 2 sold merchandise to Lee Company for $3,400 under credit terns of 2/10, 1/69, 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, 1/60, 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 $4,309 to Martin Company for $6,200 under credit terns of 2/15, 1/60, fob shipping point, invoice dated July 19. July 21 Gave a price reduction (allowance) of $1.200 to Martin Company for merchandise sold on July 19 and credited Martins 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 31 Sold merchandise that cost $7,200 to Lee Company for $12,000 under credit teras of 2/10, 1/6, F08 shipping point, invoice deted July 31