More into Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giv Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers (Click the icon to view the transactions.) Feb. 3: Purchased $3,200 of merchandise inventory on account under terms 3/10,n/EOM and FOB si Feb. 7: Returned $500 of defective merchandise purchased on February 3. Feb. 9: Paid freight bill of $600 on February 3 purchase. Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving Gi Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the (Click the icon to view the transactions.) Feb. 9: Paid freight bill of $600 on February 3 purchase. Feb. 10: Sold merchandise inventory on account for $4,800 to Tristan's Sanctuary. Payment te.tis we Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expens Now journalize the expense related to the February 10 sale-Cost of goods, $2,400. Grooving Giving Gift Shop uses a perpelual Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearesi (Click the icon to view the transactions.) Now journalize the expense related to the February 10 sale-Cost of goods, $2,400. More info Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 28: Recelved cash from Tristan's Sanctuary in full settlement of their debt. More into Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giv Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers (Click the icon to view the transactions.) Feb. 3: Purchased $3,200 of merchandise inventory on account under terms 3/10,n/EOM and FOB si Feb. 7: Returned $500 of defective merchandise purchased on February 3. Feb. 9: Paid freight bill of $600 on February 3 purchase. Grooving Giving Gift Shop uses a perpetual inventory system. Journalize the following transactions for Grooving Giving Gi Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the (Click the icon to view the transactions.) Feb. 9: Paid freight bill of $600 on February 3 purchase. Feb. 10: Sold merchandise inventory on account for $4,800 to Tristan's Sanctuary. Payment te.tis we Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expens Now journalize the expense related to the February 10 sale-Cost of goods, $2,400. Grooving Giving Gift Shop uses a perpelual Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearesi (Click the icon to view the transactions.) Now journalize the expense related to the February 10 sale-Cost of goods, $2,400. More info Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 28: Recelved cash from Tristan's Sanctuary in full settlement of their debt
