Problem 4-2A Preparing journal entries for merchandising activities-perpetual system LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe'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 August 1 in Accounts Payable-Aron.) 1 Purchased merchandise from Aron Company for $4,000 under credit cerms of 1/10, n/30, FOB destination, invoice dated August 1 August 5. The nerchandise had cost $2,000. point, invoice dated August s Sold merchandise to Baird Corp. for $2,800 under credit t ema of 2/10, /60, roB destina tien, invoice dated d merchandise trom Waters Corporation foz $3,000 under credit terms of 1/10, n/45, FOB shipping 270 cash for shipping charges related to the Auguat 5 sale to Baird Corp aird returned merchandise tron the August 5ale that had cast Lowe's $500 and was "old for S1, 000. The nerchandise vas restored to inventory tter negotiations with Waters Corporation concerning probleme with the purchasea on Auguat B. Loves ceceived a credit memorandum from Water purch ed a granting a price reduction or 9300 orf the 83,000 of goods 60 cash tor freight charges on the August 1 purchase, reducing the amount 14 At Aron, a request, Lowe's paid owed to Aror 15 Received balance due trom Baird Corp. for the August 5 sale Lenn the return on auguat o 10 Paid the amount due Waters Corporation for the Auguat s purchase Jess the price a2lovance ftrom Auguat 12. 9 Sold merchandise to Tux Co, tor 2, 400 under oredit terme of n/so, ros shapping pount, anvoice dated Auguae 22 Tux requeated a price reduction orn 19. The merchandsse had cost $1,200 Love's sent Tux a $400 credit nemorandum toward the 82, 400 invoice to renoive she snaue the August 19 eale beqause the wezchandine did nos mees apeesfications. 29 Received Tuxs cash payment tor the amount due trom the August 19 aale Jenn the price allovance Fromn Auguat 30 Paid Aron Company the amount due trom the August 1 purchase. 8 Answer is not complete. No Date General Journal Debit Credit Aug 01 Merchandise inventory 4,000 Accounts payable-Aron 4,000 2 Aug 05 Accounts receivable-Baird 01 2,8000| Sales 2,800 3 Aug 0 Cost of goods sold 2,000 Merchandise inventory 2,000 Aug 08 Merchandise inventory 3,000 Accounts payable-Waters 3,000 Aug 09 Delivery expense 270 Cash 270 Aug 10 Sales returns and allowances .. 1.00001 Accounts receivable-Baird 1,000 Aug 10erchandise inventory Cost of goods sold 500 500 300 8 Aug 12Accounts payable-Waters Merchandise inventory 300 Aug 14Accounts payable -Aron 460 460O Cash Aug 15 Cash 1,764 10 Sales discounts Accounts receivable-Baird 1 8001 11 Aug 18 Accounts payable-Waters 01 2,7000 Merchandise inventory 27 Cash 2,673 12 Aug 19 Accounts receivable Tux 2,400 Sales 2,400 13 Aug 19 Cost of goods sold 1.200 Merchandise inventory ,200 Aug 22 Sales returns and allowances Accounts receivable-Tux 14 400 400 15 Aug 29 Cash 2000 Accounts receivable-Tux 2000 16 Aug 30 Accounts payable-Aron 3.540 Cash 3,540 What am I missing?? It says I am missing something in my