This is the given information. Based on this information construct a general journal by populating the journal entries (for each of the given dates). Also construct an income statement and asses the impact on income. This is an example of the format of the questions.

Prepare journal entries to record the following merchandising transactions of Martin'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 July 1 in Accounts Payable-Gonzalez.) Jul. 1 Purchased merchandise from Gonzalez Company for $8,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Ryan Co. for $2,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,200 Jul 3 Paid $565 cash for freight charges on the purchase of July 1 Jul 8 Sold merchandise that had cost $2,300 for $3,900 cash. Jul. 9 Purchased merchandise from Allen Co. for $3,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Jul. 11 Received a $700 credit memorandum from Allen Co. for the return of part of the merchandise purchased on July 9 Jul. 12 Received the balance due from Ryan Co. for the invoice dated July 2, net of the discount. Jul. 16 Paid the balance due to Gonzalez Company within the discount period Jul. 19 Sold merchandise that cost $2,400 to Turner Co. for $3,400 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 Jul. 21 Issued a $700 credit memorandum to Turner Co. for an allowance on goods sold on July 19 Jul. 24 Paid Allen Co. the balance due, net of discount. Jul. 30 Received the balance due from Turner Co. for the invoice dated July 19, net of discount. Jul. 31 Sold merchandise that cost $5,500 to Ryan Co. for $9,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31