More Info Feb. 3 Purchased $3,200 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. 7 Returned $600 of defective merchandise purchased on February 3. 9 Paid freight bill of $500 on February 3 purchase. 10 Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. 16 Granted a sales allowance of $400 on the February 10 sale. 23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount. Print Done Zen World Git Shop uses a parpetual inventory system Joumalize the folowing transactions for Zen Word Gift Shop. Explanations are not equired (Recoed debits first, then aredits. Exclude axplanations fom joumal entes. Round all nunbers to the nearest whole dolar. Check your speling carefuly and do not atbreviato.) Clck the lcon to view the transactions Feb 3 Purchased $3.200 of merchandse inventory on account under terms 2/10, n/EOM and FOce shipping point Date Acceunts Debit Credit Merchandse inventory Feb 3 Accounts Payable Feb 7 Returned seo0 of defective merchandise purchased on February 3 Accounts Date Debit Credit Feb 7 Feb 9 Paid freight bill of $500 on February 3 purchase Credt Date Accounts Debit Feb 9 Feb. 12: Paid amount owed on credit purchase of February 3, less the retum and the discount Date Accounts Debit Credit Feb. 12 Feb. 16: Granted a sales allowance of $400 on the February 10 sale Date Accounts Debit Credit Feb. 16 Feb. 10: Sold merchandse inventory on account for $4.700. Payment tems were 2/15, n/30. These goods cost the company $2.350. Begin by preparing the entry to journalize ho salo porsion of the transaction. Do not record the experse related to the sale. We will do that in the folowing step Date Accounts Debit Credit Feb. 10 Now journalize the expense related to the February 10 sale-Cost of goods, $2.350 Date Accounts Debit Credit Feb. 10 Feb. 23: Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount Credit Date Accounts Debit Feb. 23