Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system andthe gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in AccountsPayable-Lee.)July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July1.July 2 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2.The merchandise had cost $1,080.July 3 Paid $485 cash for freight charges on the purchase of July 1.July 8 Sold merchandise that had cost $2,100 for $3,500 cash.July 9 Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, n/60, FOB destination, invoice datedJuly 9.July 11 Returned $600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount.July 12 Received the balance due from Parker Company for the invoice dated July 2, net of the discount.July 16 Paid the balance due to Lee Company within the discount period.July 19 Sold merchandise that cost $2,100 to Mitchell Company for $3,000 under credit terms of 2/15, n/60, FOB shipping point,invoice dated July 19.July 21 Gave a price reduction (allowance) of $600 to Mitchell Company for merchandise sold on July 19 and credited Mitchell'saccounts receivable for that amount.July 24 Paid Thompson Company the balance due, net of disc int.July 30 Received the balance due from Mitchell Company for the invoice dated July 19, net of discount.July 31 Sold merchandise that cost $5,300 to Parker Company for $8,800 under credit terms of 2/10, n/60, FOB shipping point,invoice dated July 31.RequirementGeneralJournalGeneralLedgerTrial BalancePrepare a multiple-step income statement through the calculation of gross profit.Perez's CompanyPartial Income StatementFor the Month Ended July 31, 2021$Schedule of Schedule ofReceivables Payables< Schedule of Payables00$$00000IncomeStatementImpact on Income >Impact onIncome

Name: Prepare journal entries to record the following merchandising transac
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system andthe gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on Ju