Journalize the following transactions for Soul Art Gift Shop. Explanations are not required.
Feb. 3 Purchased $2,700 of merchandise inventory on account under terms 4/10,
n/EOM and FOB shipping point.
7 Returned $400 of defective merchandise purchased on February 3.
9 Paid freight bill of $100 on February 3 purchase.
10 Sold merchandise 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 their debt, less the allowance and the discount.

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Learning Objectives 2, 3 Feb. 23 Cash $3,773 A PTE R 5