Journalize the following transactions for GroovingGiving Gift Shop
Feb. 3: Purchased $2,900 of inventor i Transactions Date Feb. 3 Feb. 3 Purchased $2,900 of inventory on account under terms 1/10, n/EOM and FOB shipping point. 7 Returned $800 of defective merchandise purchased on February 3. 9 Paid freight bill of $500 on February 3 purchase. 10 Sold inventory on account for $4,600. Payment terms were 2/15, n/30. Feb. 7: Returned $800 of defective m These goods cost the company $2,300. 12 Paid amount owed on credit purchase of February 3, less the return Date and the discount. Feb. 7 28 Received cash from February 10 from the customer in full payment of their account. Print DoneGrooving 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. Round all numbers to the nearest whole dollar.) i (Click the icon to view the transactions.) Feb. 3: Purchased $2,900 of inventory on account under terms 1/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Feb. 3 Accounts Payable Accounts Receivable Cash Feb. 7: Returned Cost of Goods Sold y 3. Date Delivery Expense Debit Credit Freight In Feb. 7 Inventory Purchase Discounts Purchase Returns and Allowances Purchases Sales Revenue Feb. 9: Paid freight will UI vuvu UIT I Gulualy U pulllast. nate Accounts Dehit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ?Feb. 3: Purchased $2,900 of inventory on account under terms 1/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Feb. 3 Feb. 7: Returned $800 of defective merchandise purchased on February 3. Date Accounts Debit Credit Feb. 7 Feb. 9: Paid freight bill of $500 on February 3 purchase. Date Accounts Dehit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ?Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving Gift Shop. Explanations are not required. (Record debits rst, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) 0 (Click the icon to view the transactions.) Feb. 9: Paid freight bill of $500 on February 3 purchase. Date Accounts Debit Credit | | | Feb. 9 | | | L | | | Feb. 10: Sold inventory on account for $4,600. Payment terms were 2/15. n/30. These goods cost the company $2,300. .' I:III:I 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 Debit Credit Feb. 10 I I I | | | Choose from any list or enter any number in the input fields and then continue to the next question. Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving Gift Shop. Explanations are not required. (Record debits rst, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) 0 (Click the icon to view the transactions.) Feb. 10: Sold inventory on account for $4,600. Payment terms were 2/15, nl30. These goods cost the company $2,300. 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 Debit Credit Feb.10 _l l Now journalize the expense related to the February 10 saleCost of goods, $2,300. Date Accounts Debit Credit Feb- 10 |:| Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. l Choose from any list or enter any number in the input fields and then continue to the next question. Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving Gift Shop. Explanations are not required. (Record debits rst, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) 0 (Click the icon to view the transactions.) Feb. 12: Paid amount owed on credit purchase of February 3. less the return and the discount. Date Accounts Debit Credit Feb.12 I I | I: Feb. 28: Received cash from February 10 from the customer in full payment of their account. UH Date Accounts Debit Credit Feb.28 I I | I: Choose from any list or enter any number in the input fields and then continue to the next question. UH
