Journalizing purchase and sales transactions perpetual system [15-20 min]
The following transactions occurred during February 2012, for Soul Art Gift Shop, Inc.:
Feb 3 | Purchased $2,700 of inventory on account under terms of 4/10, n/eom (end of month) and FOB shipping point. |
7 | Returned $400 of defective merchandise purchased on February 3. |
9 | Paid freight bill of $110 on February 3 purchase. |
10 | Sold inventory on account for $4,350. Payment terms were 2/15, n/30. These goods cost the company $2,300. |
12 | Paid amount owed on credit purchase of February 3, less the return and the discount. |
16 | Granted a sales allowance of $500 on the February 10 sale. |
23 | Received cash from February 10 customer in full settlement of her debt, less the allowance and the discount. |
Requirement
1. Journalize the February transactions for Soul Art Gift Shop. No explanations are required.
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