24 Journalizing purchase and sales transactions Journalize the following transactions for Soul A following transactions for Soul Art Gift Shop. Explanations are not required. 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. Paid amount owed on credit purchase of February 3, less the return and the discount. Received cash from February 10 customer in full settlement of their debt. 12 28