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Prepare journal entries to record the following merchandisingtransactions of Cabela’s, which uses the perpetual inventory systemand the gross method. (Hint: It will help to identify eachreceivable and payable; for example, record the purchase on July 1in Accounts Payable—Boden.)

July		1		Purchased merchandise from Boden Company for $6,900 undercredit terms of 2/15, n/30, FOB shipping point, invoice dated July1.
		2		Sold merchandise to Creek Co. for $950 under credit terms of2/10, n/60, FOB shipping point, invoice dated July 2. Themerchandise had cost $575.
		3		Paid $135 cash for freight charges on the purchase of July1.
		8		Sold merchandise that had cost $2,200 for $2,600 cash.
		9		Purchased merchandise from Leight Co. for $2,500 under creditterms of 2/15, n/60, FOB destination, invoice dated July 9.
		11		Received a $500 credit memorandum from Leight Co. for thereturn of part of the merchandise purchased on July 9.
		12		Received the balance due from Creek Co. for the invoice datedJuly 2, net of the discount.
		16		Paid the balance due to Boden Company within the discountperiod.
		19		Sold merchandise that cost $1,000 to Art Co. for $1,500 undercredit terms of 2/15, n/60, FOB shipping point, invoice dated July19.
		21		Issued a $250 credit memorandum to Art Co. for an allowance ongoods sold on July 19.
		24		Paid Leight Co. the balance due, net of discount.
		30		Received the balance due from Art Co. for the invoice datedJuly 19, net of discount.
		31		Sold merchandise that cost $5,700 to Creek Co. for $6,800 undercredit terms of 2/10, n/60, FOB shipping point, invoice dated July31.