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Peaceful Place Ga Shop uses a perpetual inventory system. Journalize the following transactions for Peaceful Place Gin Shop. Explanations are not required (Record debits first,
Peaceful Place Ga Shop uses a perpetual inventory system. Journalize the following transactions for Peaceful Place Gin Shop. Explanations are not required (Record debits first, then credits. Exclude explanations from 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 transacions) Feb. 9. Paid Freight bill of 5500 on February 3 purchase Date Accounts Debit Credit Feb 9 Inventory Transactions Cash Feb. Feb. 10: Sold inventory on account for 54 500. Payment terms were 3/15, n 30. These goods cost the company 52 3 Purchased $2,500 of inventory on account under terms 2/10, nEOM and FOB shipping point 7 Returned $300 of defective merchandise purchased on February 3 9 Paid freight bill of $500 on February 3 purchase 10 Sold inventory on account for 54.500. Payment terms were 3/15, n.30 These goods cost the company 52 250 12 Paid amount owed on credit purchase of February 3, less the retum and the discount 28 Received cash from February 10 from the customer in full payment of their account Begin by preparing the entry to joumalize the sale portion of the transaction Do not record the expense related to Accounts Debit Credit Date Feb 10 Accounts Receivable Pant Done Nalize the avancoralstor in the Fahnian1 calarnet nfnode 57 750 ivate Windows So Next 23 PM
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