Exercise 5-22 Recording journal entries for merchandise sales transactions-periodic LO7 Prepare journal entries to record the transactions assuming a periodic inventory system. Feb. 1 Sold merchandise with a cost of $1,750 for $2,600; terms 2/10, n/30, FOB destination. 2 Paid $250 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $4,300 (cost of sales $2,780); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,250 (cost of sales $770). 28 The customer of February 4 paid the amount owing. 39 View transaction list Journal entry worksheet Record sale of merchandise with a cost of $1,750 for $2,600; terms 2/10, n/30 FOB destination. Note: Enter debits before credits Date General Journal Debit Credit Feb. 01