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Srepare 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.$)$

July $1$ Purchased merchandise from Gonzalez Company for $$8,200$ under credit terms of $\frac{1}{15},\frac{n}{30},$ FOB shipping point, invoice dated July $1.$

July $2$ Sold merchandise to Ryan Company for $$2,000$ under credit terms of $\frac{2}{10},\frac{n}{60},$ FOB shipping point, invoice dated July $2.$ The merchandise had cost $$1,200.$

July $3$ Paid $$565$ cash for freight charges on the purchase of July $1.$

July $8$ Sold merchandise that had cost $$2,300$ for $$3,900$ cash.

July $9$ Purchased merchandise from Allen Company for $$3,300$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB destination, invoice dated July $9.$

July $11$ Returned $$700$ of merchandise purchased on July $9$ from Allen Company and debited its account payable for that amount.

July $12$ Received the balance due from Ryan Company for the invoice dated July $2,$ net of the discount.

July $16$ Paid the balance due to Gonzalez Company within the discount period.

July $19$ Sold merchandise that cost $$2,400$ to Turner Company for $$3,400$ under credit terms of $\frac{2}{15},\frac{n}{60},$ FOB shipping point, invoice dated July $19.$

July $21$ Gave a price reduction $($allowance$)$ of $$700$ to Turner Company for merchandise sold on July $19$ and credited Turner's accounts receivable for that amount.

July $24$ Paid Allen Company the balance due, net of discount.

July $30$ Received the balance due from Turner Company for the invoice dated July $19,$ net of discount.

July $31$ Sold merchandise that cost $$5,500$ to Ryan Company for $$9,200$ under credit terms of $\frac{2}{10},$ n$/60,$ FOB shipping point, invoice dated July $31.$

$\backslash$table$[[$Requirement$,\backslash$table$[[$General$],[$Journal$]],\backslash$table$[[$General$],[$Ledger$]],$Trial Balance,$\backslash$table$[[$Schedule of$],[$Receivables$]],\backslash$table$[[$Schedule of$],[$Payables$]],\backslash$table$[[$Income$],[$Statement$]],\backslash$table$[[$Impact on$],[$Income$]]]]$

For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement.

Increase

Impact on income

$($decrease$)$ to

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