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Now journalize the expense related to the February 10 sale - Cost of goods, $2,500. Feb. 12: Paid amount owed on credit purchase of February

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Now journalize the expense related to the February 10 sale - Cost of goods, $2,500. Feb. 12: Paid amount owed on credit purchase of February 3 , less the return and the discount. Soul Art Gift Shop uses a perpetual inventory system. Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the gross amount. Round all numbers to the nearest whole dollar.) View the transactions. Feb: 3 : Purchased $3,500 of merchandise inventory on account under terms 2/10,n/EOM and F OB shipping point from Carnation Ways. Feb. 7: Returned $400 of defective merchandise purchased on February 3. Feb. 9: Paid freight bill of $250 on February 3 purchase. Feb. 9: Paid freight bill of $250 on February 3 purchase. Feb. 10: Sold mejchandise inventory on account for $5,000 to Nyasa Pilates. Payment terms were 1/15,n/30. These goods cost the company $2,500. 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. Feb. 16: Granted a sales allowance of $700 on the February 10 sale. Feb. 23: Received cash from Nyasa Pilates in full settlement of their debt, less the allowance and the Transactions

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