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please provide a solution as soon as possible Trudie's Trinkets Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's Trinkets Gift
please provide a solution as soon as possible
Trudie's Trinkets Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's Trinkets Gift 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 transactions.) Feb. 3: Purchased $3,600 of inventory on account under terms 3/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Feb. 3 Feb. 7: Returned $700 of defective merchandise purchased on February 3. Date Accounts Debit Credit Feb. 7 Feb. 9: Paid freight bill of $100 on February 3 purchase. Date Accounts Debit Credit Feb. 9 Feb. 10: Sold inventory on account for $5,000. Payment terms were 2/15, n/30. These goods cost the company $2,500. Begin by preparing the entry to jour do that in the following step. Transactions Date Feb. 10 Feb. Now journalize the expense related 3 Purchased $3,600 of inventory on account under terms 3/10,n/EOM and FOB shipping point. 7 Returned $700 of defective merchandise purchased on February 3. 9 Paid freight bill of $100 on February 3 purch 10 Sold inventory on account for $5,000. Payment terms were 2/15, n/30. These goods cost the company $2,500. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. 28 Received cash from February 10 from the customer in full payment of their account Date Feb. 10 Print Done Feb. 12: Paid amount owed on credi Date Accounts Debit Credit Feb. 12 Feb. 28: Received cash from February 10 from the customer in full payment of their account. Date Accounts Debit Credit Feb. 28Step by Step Solution
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