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E5C-5 (similar to) Journalize the following transactions for Burlington Art Gift Shop. Assume Burlington uses the gross method to record sales revenue. Explanations are not
E5C-5 (similar to) Journalize the following transactions for Burlington Art Gift Shop. Assume Burlington uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual invento (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Feb. 3: Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Date Accounts Debit Credit 0 More Info Feb. 3 3 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. 7 Returned $400 of defective merchandise purchased on February 3. 9 Paid freight bill of $200 on February 3 purchase. 10 Sold merchandise inventory on account for $6,400. Payment terms were 4/15. n/30. These goods cost the company $3,840. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. 28 Received payment from the February 10 customer in full settlement of their debt. Print [Done]
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