Question E5-5 Journalising purchase and sales transactions - perpetual system The following transactions occurred during February 2016 for Soul Art Gift Shop. Amounts include GST unless otherwise stated. Feb 3 Purchase $2970 of inventory on credit under terms of 4/10, n/eom (end of month) and FOB delivery point 7 Returned $440 of defective goods purchased on 3 February 9 Paid freight bill of $121 on 3 February purchase 10 Sold inventory on credit for $4785. Payment terms were 2/15, n/30. These foods cost the business $2300, net of GST 12 Paid amount owed on credit purchase of 3 February, less the return and the discount 16 Granted a sales allowance of $550 on the 10 February sale. 23 Received cash from 10 February customer in full settlement of her debt, less the allowance and the discount