GLO401 - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Allen's, which uses the perpetua 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-Perez) Jul 1Purchased merchandise from Peret Company for 59,200 under credit teras of 1/15 w/30, OB shipping point, Shoce late July to Jul.2 Sold merchandise to Cabelo Co. for $2.500 under credit terms of 2/10, 1/00, 70 shipping point, hoce dated July 2: The merchandise had cost $1.500 sul ad 765 cash for freight chart on the purchase of Ouly 1 Sold merchandise that had cost $2,000 for $4.900 cath Purchased merchandise from right color 55.00 under credit ter of 1/15, 1/60, destination, Involte dated July Jul 11 turned 50 of merchandise purchased on July from right cor and debited its account payable for that amount. Jul 13 Weceived the balance de from Cabela cor for the invoice dated July 3, net of the discount Jull the balance due to Peret Company with the discount period Mi. 15 Soliterchandise that cost $3,100 .co.for $4,400 under etter 21, No One point, Invoicated July 13 S. 1 verkritionalace of 50 Leo for merchandise soy 19 and credit scouts ble for that wount to the act of count the balance de frecce for the day, discount 11 Soliterchandise the cost 56.100 to Cabels Co. for $1.200 de credits of 1 / Topping nont, valce Prepare a multiple-step income statement through the calculation of gross profit. Allen's Company Partial Income Statement For the Month Ended July 31, 2019 0 ces $ 0 0 0 0 0 $ 0 Innainant July 1) Purchased merchandise from Perez Company for 50,200 under credit terms of 1/15, n/30. FOB shipping point. Decreases net income invoice dated July 1 July 2) Sold merchandise to Cabela Co. for $2,500 under credit terms of 2/10, 1/80. FOB shipping point invoice dated July 2 July 2) The cost of the merchandise sold to Cabela Co was $1.500 July 3) Paid $785 cash for freight charges on the purchase of July 1 July 8) Sold merchandise for $4.900 cash July 8) The cost of the merchandise sold was $2,000. July 9) Purchased merchandise from Wright Co. for $3,800 under credit terms of 2/15. n/80. FOB destination, invoice dated July July 11) Received a $800 credit memorandum from Wright Co for the return of part of the merchandise purchased on July July 12) Received the balance due from Cabela Co for the invoice dated July 2. net of the discount July 16) Paid the balance due to Perez Company within the discount period July 10) Sold merchandise to Lee Co. for 4.400 under credit terms of 2/15, n/00, FOB shipping point invoice dated July 10 July 10 The cost of the merchandise sold to Lee Co was 33.100 July 21) ssued a 5000 credit memorandum to Lee Co for an allowance on goods sold on July 10 July 24) Pald Wright Co, the balance due net of discount July 30) Received the balance due from Lee Ca for the involos datosuly 10, niet of discount. July 31) Sold merchandise to Cabola Co for $10.200 under