Hello,

I was hoping someone might be able to help me with the very last portion on Feb 28th that I have highlighted in yellow at the bottom? Thanks!

Peaceful Palace Gift Shop uses a perpetual inventory system. Journalize the following transactions for Peaceful Palace 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.) (Click the icon to view the transactions.) i . More Info Feb. 3 Purchased $3,500 of merchandise inventory on account under terms 1/10, n/EOM and FOB shipping point. 7 Returned $300 of defective merchandise purchased on February 3. 9 Paid freight bill of $500 on February 3 purchase. 10 Sold merchandise inventory on account for $5,000. Payment terms were 2/15, n/30. These goods cost the company $2,500. 12 Paid amount owed on credit purchase of February 3, less the return and the discount 28 Received cash from February 10 customer in full settlement of their debt. Print Done Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. Date Accounts Debit Credit Feb. 12 Accounts Payable 3,200 Cash 3,168 Merchandise Inventory 32 Feb. 28: Received cash from February 10 customer in full settlement of their debt. Date Accounts Debit Credit Feb. 28 Cash Sales Discounts Forfeited Accounts Receivable