ournalizing purchase and sales transactions 22 J lournalize the following transactions for Soul Art Gift Shop. Explanations are not required E5- Learning Objectives 2, 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Feb. 3 7 Returned $900 of defective merchandise purchased on February 3. 9 Paid freight bill of $400 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. Paid amount owed on credit purchase of February 3, less the return and the discount. 12 28 Received cash from February 10 customer in full settlement of their debt