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Soul Space Gift Shop uses a perpetual inventory system. Journalize the following transactions for Soul Space Gift Shop. Explanations are not required. 

Soul Space Gift Shop uses a perpetual inventory system. Journalize the following transactions for Soul Space Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) Feb. 3: Purchased $2,500 of merchandise inventory on account under terms 1/10, nEOM and FOB shipping point More Info Date Accounts Debit Credit Feb. 3 Feb. 3 Purchased $2,500 of merchandise inventory on account under terms Accounts Payable 110, nEOM and FOe shipping point. 7 Returned $400 of defective merchandise purchased on February 3. 9 Paid freight bill of $500 on February 3 purchase 10 Sold merchandise inventory on account for $4,900. Payment terms Feb. 7: Retuned $400 of defective merchandise purchased on February 3. were 315, n/30. These goods cost the company S2.450. 12 Paid amount owed on credit purchase of February 3, less the return Date Accounts Debit Credit and the discount. Accounts Payable Merchandise Inventory Feb. 7 28 Received cash from February 10 customer in full settlement of their Print Done Feb. 9: Paid freight bill of $500 on February 3 purchase.Feb. 9: Paid freight bill of $500 on February 3 purchase. Date Accounts Debit Credit Merchandise Inventory Cash Feb. 9 Feb. 10: Sold merchandise inventory on account for $4,900. Payment terms were 3/15, n/30. These goods cost the company $2,450 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Accounts Receivable Sales Revenue Now journalize the expense related to the February 10 sale Cost of goods, $2,450Now journalize the expense related to the February 10 sale-Cost of goods, $2,450. Date Accounts Debit Credit Feb. 10 Cost of Goods Sold Merchandise Inventory Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. Date Accounts Debit Credit Feb. 12Accounts Paya Cash Merchandise InventoryFeb. 28: Received cash from February 10 customer in full settlement of their debt. Date Accounts Debit Credit Feb. 28 Purchase Returns and Allowances Accounts Receivable


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Journal entry

Date account and explanation Debit Credit
Feb 3 Merchandise inventory 2500
Account payable 2500
Feb 7 Account payable 400
Merchandise inventory 400
Feb 9 Merchandise inventory 500
Cash 500
Feb 10 Account receivable 4900
Sales revenue 4900
Cost of goods sold 2450
Merchandise inventory 2450
Feb 12 Account payable 2100
Cash (2100*99%) 2079
Merchandise inventory 21
Feb 28 Cash (4900*97%) 4753
Sales discount 147
Account receivable 4900
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