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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,
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 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 $2,900 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point from Sascha's Nest Date Accounts Debit Credit - Feb. 3 More info Feb. 7: Returned $400 of defective merchandise purchased February 3 Date Accounts Debit Credit Feb. 7 Feb. 3 Purchased $2,900 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point from Sascha's Nest. Feb. 7 Returned $400 of defective merchandise purchased on February 3. Feb. 9 Paid freight bill of $200 on February 3 purchase. Feb. 10 Sold merchandise inventory on account for $4,100 to Triton Wellness. Payment terms were 3/15, n/30. These goods cost the company $2,050. Feb. Paid amount owed on credit purchase of February 3, less the return and the discount Feb. 28 Received cash from Triton Wellness in full settlement of their debt. Feb. 9: Paid freight bill of $200 on February 3 purchase. Date Accounts Debit Credit Feb. 9 Print Done
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