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9 Calming Creations Gift Shop uses a perpetual inventory system. Journalize the following transactions for Calming Creations Gift Shop. Explanations are not required. ( Assume
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Calming Creations Gift Shop uses a perpetual inventory system. Journalize the following transactions for Calming Creations Gift Shop. Explanations are not required. ( Assume the company records sales at the net amount Round all numbers to the nearest wholo dollar) Click the icon to view the transactions.) Fab. 3. Purchased $3,500 of merchandise Inventory on account under termo 2/10, NEOM and FOB shipping point Credit Date Accounts Debit Feb. 3 Feb. 7. Retumad $800 of defective merchandise purchased on February 3. Date Accounts Debit Credit Feb. 7 Feb. 9. Paid freight bill of $300 on February 3 purchase. Date Accounts Debit Credit Feb. 9 Choose from any list or enter any number in the input fields and then continue to the next question, Calming Creations Gift Shop uses a perpetual inventory system. Journalize the following transactions for Calming Creations Gift Shop Explanations are not required Assure the company records sales at the net amount. Round all numbers to the nearest whole dollar) Click the icon to view the transactions.) Feb. 10 Sold merchandise inventory on account for $4,000. Payment terms were 3/15, 1/30. These good cost the company $2,000. Begin by preparing the entry to joumalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Accounts Credit Feb 10 Date Debit Now journalize the expense related to the February 10 saloCost of goods. $2,000. Accounts Fob. 10 Date Debit Credit Feb. 12 Paid amount owed on credit purchase of February 3, loss the return and the discount Date Accounts Debit Credit Feb. 12 Choose from any list or entor any number in the input finids and then continue to the next question Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. Date Accounts Debit Credit Feb. 12 Feb. 28: Received cash from February 10 customer in full settlement of their debt. Date Accounts Debit Credit Feb. 28 Choose from any list or enter any number in the input fields and then continue to the next question. i More Info Purchased $3,500 of merchandise inventory on account under terms Feb. 3 2/10, n/EOM and FOB shipping point. Feb. 7 Returned $800 of defective merchandise purchased on February 3. Feb. 9 Paid freight bill of $300 on February 3 purchase. Sold merchandise inventory on account for $4,000. Payment terms were Feb. 10 3/15, n/30. These goods cost the company $2,000. Paid amount owed on credit purchase of February 3, less the return and Feb. 12 the discount. Feb. 28 Received cash from February 10 customer in full settlement of their debt. Print Done Step by Step Solution
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