How do I prepare these journal entries?

Prepare journal entries to record the following merchandising transactions of Flora Company?

• Desperate need of help with this one question..... Prepare journal entries to record the following merchandising transactions of Flora Company, which applies the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Arch.) (Round your answers to the nearest dollar amount. Omit the "$" sign in your response.) July 1 Purchased merchandise from Arch Company for $6,300 under credit terms of 3/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Driver Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $525. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,600 for $2,000 cash. July 9 Purchased merchandise from Kew Co. for $2,450 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Received a $450 credit memorandum from Kew Co. for the return of part of the merchandise purchased on July 9. July 12 Received the balance due from Driver Co. for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Arch Company within the discount period. July 19 Sold merchandise that cost $900 to Surtis Co. for $1,350 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 July 21 Issued a $225 credit memorandum to Surtis Co. for an allowance on goods sold on July 19. July 24 Paid Kew Co. the balance due after deducting the discount. July 30 Received the balance due from Surtis Co. for the invoice dated July 19, net of discount. July 31 Sold merchandise that cost $5,100 to Driver Co. for $6,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.

• Answer:

  July 1 Purchased merchandise from Arch Company for $6,300 under credit terms of 3/15, n/30, FOB shipping point, invoice dated July 1. Dr Merchandise Inventory 6,300 Cr Accounts Payable 6,300 July 2 Sold merchandise to Driver Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $525. Dr Accounts Receivable 950 Cr Sales 950 Dr Cost of Goods Sold 525 Cr Merchandise Inventory 525 July 3 Paid $125 cash for freight charges on the purchase of July 1. Dr Merchandise Inventory 125 Cr Cash 125 July 8 Sold merchandise that had cost $1,600 for $2,000 cash. Dr Cash 2,000 Cr Sales 2,000 Dr Cost of Goods Sold 1,600 Cr Merchandise Inventory 1,600 July 9 Purchased merchandise from Kew Co. for $2,450 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. Dr Merchandise Inventory 2,450 Cr Accounts Payable 2,450 July 11 Received a $450 credit memorandum from Kew Co. for the return of part of the merchandise purchased on July 9. Dr Accounts Payable 450 Cr Merchandise Inventory 450 July 12 Received the balance due from Driver Co. for the invoice dated July 2, net of the discount. 950 x 2 % = 19 discount Dr Cash 931 Dr Sales Discounts 19 Cr Accounts Receivable 950 July 16 Paid the balance due to Arch Company within the discount period. 6,300 x 3% = 189 discount Dr Accounts Payable 6,300 Cr Cash 6,111 Cr Merchandise Inventory 189 July 19 Sold merchandise that cost $900 to Surtis Co. for $1,350 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19 Dr Accounts Receivable 1,350 Cr Sales 1,350 Dr Cost of Goods Sold 900 Cr Merchandise Inventory 900 July 21 Issued a $225 credit memorandum to Surtis Co. for an allowance on goods sold on July 19. Dr Sales Returns and Allowances 225 Cr Accounts Receivable 225 July 24 Paid Kew Co. the balance due after deducting the discount. (2,450 - 450) x 2% = 40 discount Dr Accounts Payable 2,000 Cr Cash 1,960 Cr Merchandise Inventory 40 July 30 Received the balance due from Surtis Co. for the invoice dated July 19, net of discount. (1,350 - 225) x 2% = 23 (rounded) discount Dr Cash 1,102 Dr Sales Discounts 23 Cr Accounts Receivable 1,125 July 31 Sold merchandise that cost $5,100 to Driver Co. for $6,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31. Dr Accounts Receivable 6,800 Cr Sales 6,800 Dr Cost of Goods Sold 5,100 Cr Merchandise Inventory 5,100