Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6 , 990 under credit terms of 2/15 , n/30, F0B shipping point, July 2 Sold morce dated July 1. July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10 , n /60 , F0B shipping point, invoice dated July 2. The merchandise had cost $575 . July 3 Paid $110 cash for freight charges on the purchase of July 1. Juty 8 Sold merchandise that had cost $2 , 200 for $2 , 600 cash. July 9 Purchased merchandise from Leight Company for $2 , 600 under credit terms of 2/15 , n /60 , F08 destination, 3uly invoice dated July 9 . Juty 11 Returned $600 of merchandise purchased on Juty 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2 , net of the discount. Juty 16 Paid the balance due to Boden Company within the discount period. July 19 Sold merchandise that cost $880 to Art Coepany for $1 , 200 under credit terms of 2/15 , n /60 , F0B shipping July 21 Gave a invoice dated July 19. Juty 21 Gave a price reduction (allowance) of $200 to Art Company for merchandise sold on July 19 and credited July 24 Paid Leight Company the balance that amount. July 30 Received the batance due from Art Company for the invores July 31 Sold merchandise that cost \$5, 700 to Creek coper invoice dated July 19, net of discount, shipping point, invoice dated july to Creek Company for $7 , 600 under credit terms of 2/10 , n /60 , fo8 shipping point, invoice dated July 31