PART 4: PURCHASE AND SALES TRANSACTIONS20 POINTS

Journalize the following transactions for Park Gift Shop.

Mar. 5:Purchased $4,400 of merchandise inventory on account, 3/10, n/EOM and FOB shipping point.

Mar. 9:Returned $700 of defective merchandise purchased on March 5.

Mar. 11:Paid the freight bill of $250 on the March 5 purchase.

Mar. 12:Sold merchandise inventory on account for $5,200., 2/15, n/30.These goods cost the company $3,700.

Mar. 14:Paid amount owed on credit purchase of March 5, less the return and the discount.

Mar. 30:Received cash from the March 12 customer in full settlement of the debt.