E5-22 (similar to) Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving 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. Rou (Click the icon to view the transactions.) Feb. 3: Purchased $3,500 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Date Feb. 3 Accounts Merchandise Inventory Accounts Payable Feb. 7: Returned $600 of defective merchandise purchased on February 3. Date Accounts Feb. 7 Accounts Payable Merchandise Inventory Feb. 9: Paid freight bill of $200 on February 3 purchase. Date Feb. 9 Accounts Merchandise Inventory Cash Debit 3,500 Credit 3,500 More Info Purchased $3,500 of merchandise inventory on account under terms Feb. 3 3/10, n/EOM and FOB shipping point. Feb. 7 Returned $600 of defective merchandise purchased on February 3. Feb. 9 Paid freight bill of $200 on February 3 purchase. 600 Debit Credit 600 Debit Credit 200 200 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. Feb. 10: Sold merchandise 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. Date Accounts Feb. 10 Accounts Receivable Sales Revenue Debit Credit 4000 4000 Print Done X