Prepare journal entries to record the following merchandising transactions of cabela’s, which uses the perpetual inventory system and the gross method. hint: it will to identify each receivable and payable; for example, record the purchase on july 1 in accounts payable—boden. july 1 purchased merchandise from boden company for $6,100 under credit terms of 2/15, n/30, fob shipping point, invoice dated july 1. 2 sold merchandise to creek co. for $950 under credit terms of 2/10, n/60, fob shipping point, invoice dated july 2. the merchandise had cost $508.