Question: make jounral entries Problem 4-1A (Algo) Preparing journal entries for merchandising activities LO P1, P2 Prepare journal entries to record the following merchandising transactions of
Problem 4-1A (Algo) Preparing journal entries for merchandising activities LO P1, P2 Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual irventory system and the gross method. July 3 Paid $120 cash fer freight charges on the purchase of July 1. July if Sold nerchandise that had cost $2,000 for 32,400cash. July 11 Returned $700 of erchandise purchased on July 9 from teight Cocpany and debited its account payshis far that aeount: luly 12 heceived the balance due froe Creek Coepany for the involice dated July 2 , net of the discount. July 16 Paid the balance due to Eoden Coepany within the discount period. July 21 Gave a price reduction (all to receivable for that anount. July 24 paid Leight Company the balience due, net of discount. July 30 seceived the balance due fron Art Comany for the involce dated july 13 , net of atiscount. dated July 31
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