prepare journal entries to record the following merchandising transactions of lowe’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 august 1 in accounts payable—aron. aug. 1 purchased merchandise from aron company for $4,000 under credit terms of 1/10, n/30, fob destination, invoice dated august 1. 5 sold merchandise to baird corp. for $2,800 under credit terms of 2/10, n/60, fob destination, invoice dated august 5. the merchandise had cost $2,000. 8 purchased merchandise from waters corporation for $3,000 under credit terms of 1/10, n/45, fob shipping point, invoice dated august 8.