urchase and sales transactions following transactions for Santa transactions for Santa Fe Art Gift Shop. Explanations are not Le 2.800 of merchandise inventory on account under terms 3/10, eVEOM and FOB shipping point. Returned $700 of defective merchandise purchased on February 3. id freight bill of $400 on February 3 purchase. Pa Gold merchandise inventory on account for $4,800. Payment terms were 1/15, n/30. These goods cost the company $2,400. Paid amount owed on credit purchase of February 3, less the return and the discount. Granted a sales allowance of $100 on the February 10 sale. 12 16 23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount