Journalizing purchase and sales transactions—perpetual system 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.