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Done< 4 Chapter 4 Quiz AA Skipped Mc Graw Hill 1 Prepare journal entries to record the following merchandising transactions of Parker'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-Allen) ezto.mheducation.com July 1 Purchased merchandise from Allen Company for $10,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Garcia Company for $3,200 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,920. July 3 Paid $1,045 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,800 for $6,300 cash. July 9 Purchased merchandise from Clark Company for $4,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $988 of merchandise purchased on July 9 from Clark Company and debited its account payable for that amount. Seved July 12 Received the balance due from Garcia Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Allen Company within the discount period. July 19 Sold merchandise that cost $4,100 to Perez Company for $5,800 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19. Requirement July 21 Gave a price reduction (allowance) of $1,200 to Perez Company for merchandise sold on July 19 and credited Perez's accounts receivable for that amount. General Journal July 24 Paid Clark Company the balance due, net of discount. July 30 Received the balance due from Perez Company for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $7,000 to Garcia Company for $11,600 under credit terms of 2/10, n/68, FOB shipping point, invoice dated July 31. General Ledger Trial Balance Income Schedule of Schedule of Receivables Payables Statement Help Save & Exit General Journal tab- Journalize the merchandising transactions. The General Ledger, trial balance and schedules of accounts receivable and accounts payable will be updated based on your entries. Impact on Income General Ledger tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Prev Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Schedule of Receivables tab General Ledger sofware automates the balances for each of the customer's accounts. Schedule of Payables tab - General Ledger sofware automates the balances for each of the supplier's accounts. Income Statement tab - Prepare the income statement through the calculation of gross profit. Next Submit G²5 Q