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Soul Art Gift Shop uses a perpetual inventory system. Journalize the following transactions for Soul Art Gift Shop. Explanations are not required. (Record debits
Soul Art Gift Shop uses a perpetual inventory system. Journalize the following transactions for Soul Art 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.) i (Click the icon to view the transactions.) Feb. 3: Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Still Waters Herbs. Date Feb. 3 More info Accounts Debit Credit Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Still Waters Herbs. Feb. 7 Feb. 9 Feb. 10 Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700 to Trybe Yoga Studio. Payment terms were 2/15, n/30. These goods cost the company $2,350. Feb. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 28 Received cash from Trybe Yoga Studio in full settlement of their debt. X
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