Problem I - JOURNAL ENTRIES Instructions: Prepare appropriate journal entries for the month of August by recording the transactions found below in debit and creit format, using proper general journal format. You may journalize each transaction in the space provided to you on D2L. The company uses a perpetual inventory system. Cash Accounts Payable - Creditors Name Accounts Receivable - Customers Name Sales Revenue Notes Receivable Sales Returns and Allowances Inventory Office Supplies Sales Discounts Cost of Goods Sold (COGS) Land Freight-Out Aug. 1 Sold merchandise for cash $300. The cost of the merchandise sold was $200. Aug.2 Purchased merchandise from Reeves Co. on account for $5,000; terms 2/10, n/30. FOB shipping point. Aug. 3 Paid freight on Reeves Co. purchase, $50. Aug. 6 Sold merchandise to L. Hines on account for $830, terms 2/10, n/30. The merchandise sold cost $550. FOB Destination. Aug. 8 Accepted a sales return of defective merchandise from L. Hines - credit granted was $180. The returned merchandise cost $120. Aug. 11 Purchased merchandise from Lloyd Hardware on account for $3,000; terms 1/10, n/30. Aug. 12 Paid freight of $200 on the shipment sold to L. Hines Co. on August 6. Aug. 15 Received payment in full from L. Hines. Aug. 19 Paid Reeves Co. in full. Aug, 20 Paid Lloyd Hardware in full