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perpetual inventory system Leat E5-22 Journalizing purchase and sales transactions Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3
perpetual inventory system
Leat E5-22 Journalizing purchase and sales transactions Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. 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. 12 Paid amount owed on credit purchase of February 3, less the return and the discount 28 Received cash from February 10 customer in full settlement of their debt Step by Step Solution
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