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The following transactions occurred at Felix Enterprises, a retailer specializing in cat toys, which uses a perpetual inventory system: February 1 Felix established a petty
The following transactions occurred at Felix Enterprises, a retailer specializing in cat toys, which uses a perpetual inventory system: February 1 Felix established a petty cash fund for $700. February 5 Felix purchased 200 units of inventory from a supplier on credit. The merchandise cost $10 each and the credit terms were 3/10,n/30. The shipping costs, paid separatcly in cash to the shipping company by Felix, totaled $100 under the terms FOB Shipping. Felix received the inventory on February 6. February 7 Felix retumed 20 units of inventory from the February 5mitransactiontothe supplier. No shipping costs were incurred with the returm. February 8 Felix used $200 out of petty cash to pay for a business lunch (meeting expense), along with an additional \$25 for parking (parking expense). February 9 Felix sold 50 of the units purchased on February 5ti for $15 each to customers for cash. February 10 Felix accepted a retum of 4 units of inventory from a February 9th customer for a cash refund. February 14 Felix paid the supplier, in full, for the inventory purchased on February 5m less the returns made on February 7th. February 24 Felix purchased 90 more units of inventory from a different supplier on credit. The merchandise cost $30 each and no credit terms were granted. The shipping costs were $500 under the terms FOB destination and Felix received the inventory on March 9th. February 31 Felix replenished petty cash. Using your own paper, record the appropriate journal entries Felix's transactions with the appropriate date (no journal entry description is required). Include only journal entries that relate to February business. If no journal entry is needed, write the transaction date and "NO ENTRY". Ensure that your journal entries are legible and in proper journal entry format. Attach your page(s) with a staple
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