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accounting entries? Peaceful Place Gift Shop uses a perpetual inventory system. Journalize the following transactions for Peaceful Place Gift Shop. Explanations are not required. (Record

accounting entries?

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Peaceful Place Gift Shop uses a perpetual inventory system. Journalize the following transactions for Peaceful Place Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) i (Click the icon to view the transactions.) Feb. 3: Purchased $3,200 of inventory on account under terms 3/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Feb. 3 i Transactions X Feb. 7: Returned $700 of defective merchandise purchased on February 3. Feb. 3 Purchased $3,200 of inventory on account under terms 3/10, n/EOM and FOB shipping point. Date Accounts Debit Credit 7 Returned $700 of defective merchandise purchased on February 3. Feb. 7 9 Paid freight bill of $200 on February 3 purchase. 10 Sold inventory on account for $4,000. Payment terms were 3/15, n/30. These goods cost the company $2,000. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. 28 Received cash from February 10 from the customer in full payment of Feb. 9: Paid freight bill of $200 on February 3 purchase. their account. Date Accounts Debit Credit Feb. 9 Print Done Feb. 10: Sold inventory on account for $4,000. Payment terms were 3/15, n/30. These goods cost the company $2,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Choose from any list or enter any number in the input fields and then continue to the next question. ? MacBook Pro Bsc 20 688 ES @ % O 2 3 6 O P E R T U Q W

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