Prepare journal entries to record the following Lowe's business transactions, which uses the perpetual inventory system and

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Question:

Prepare journal entries to record the following Lowe's business transactions, which uses the perpetual inventory system and the gross method. (Hint: It will help identify each account receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Aron.)

Ago.	1	Merchandise purchased from Aron Company for $9,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.
	5	Sold merchandise to Baird Corp. for $6,300 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000.
	8	Purchased merchandise from Waters Corporation for $8,000 under 1/10 credit terms, n/45, FOB shipping point, invoice dated August 8.
	9	He paid $270 in cash for shipping costs related to the August 5 sale to Baird Corp.
	10	Baird returned merchandise from the Aug. 5 sale that had cost Lowe's $500 and sold for $1,000. The merchandise was returned to inventory.
	12	Following negotiations with Waters Corporation over purchasing issues on August 8, Lowe's received a credit memorandum from Waters granting it an $800 price reduction on the $8,000 of goods purchased.
	14	At Aron's request, Lowe's paid $470 cash in freight charges on the August 1 purchase, reducing the amount owed to Aron.
	15	Received the balance owed by Baird Corp. for the August 5 sale less the August 10 return.
	18	You paid the amount owed to Waters Corporation for the August 8 purchase less the August 12 discount price.
	19	Sold merchandise to Tux Co. for $5,400 under n/10 credit terms, FOB shipping point, invoice dated August 19. The merchandise had cost $2,700.
	22	Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's sent Tux a $900 credit memo for the $5,400 invoice to resolve the issue.
	29	Received cash payment from Tux for the amount due from the August 19 sale less the August 22 discount price.
	30	He paid the Aron Company the amount due for the August 1 purchase.