Peaceful Palace Gift Shop uses a perpetual inventory system. Joumalize the following transactions for Peaceful Palace Gift Shop. Explanations are not required (Record debits first, then credits. Exclude explanations journal entries. Assume the company records sales at the net amount, Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) Feb. 3: Purchased $2,700 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Sarah's Folly. Date Feb. 31 Accounts Debit Credit More info Feb. 3 Purchased $2.700 of merchandise inventory on account under terms 2/10, nEOM and FOB shipping point from Saran's Folly Feb. 7 Feb. 9 Returned $500 of defective merchandise purchased on February 3 Paid freight bill of $200 on February 3 purchase Feb. 10 Sold merchandise inventory on account for $4,000 to Trinkett Topiaries Payment terms were 1/15, n/30, These goods cost the company $2,000 Feb. 12 Paid amount owed on credit purchase of February 3, less the retum and the discount Feb. 28 Received cash from Trinkett Toplaries in full settlement of their debit Print Done X Discount Office Systems uses a perpetual inventory system. The adjusted trial balance of Discount Office Systems at March 31, 2024, follows: (Click the icon to view the adjusted trial balance.) Prepare Discount's multi-step income statement for the year ended March 31, 2024. (Use a minus sign or parentheses to show other expenses.) Net Income (Loss) Data table Discount Office Systems Income Statement Year Ended March 31, 2024 Account Title Cash Accounts Receivable Balance Debit Credit S 2,000 13,100 Merchandise Inventory 30,400 Estimated Returns Inventory 2,000 Office Supplies Equipment 6,200 42.500 Accumulated Depreciation-Equipment $ 13,000 Accounts Payable Refunds Payable Salaries Payable 6,300 2,700 800 Notes Payable, long-term 7,600 Common Stock 15,000 Retained Earnings 3,750 Dividends 41,500 Sales Revenue 241,000 Sales Discounts Forfeited 300 Cost of Goods Sold 100,450 Selling Expense 27,100 Administrative Expense 14,300 2,000 Interest Expense $ 290,450 5 290,450 Total Homework Question 5, EF5-29 (similar to) HW Score: 38.67%, 3.87 of 10 points O Points: 0 of 2 Save Cupcake Queen eamed net sales revenue of $62,000,000 in 2024. Cost of goods sold was $39,680,000, and net income reached $8,000,000, the company's highest ever. Compute the company's gross profit percentage 2024 First, select the formula. Then enter the applicable amounts and calculate the gross profit percentage Gross proft %