Zen World

Gift Shop uses a perpetual inventory system. Journalize the following transactions for

Zen World

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.)

Zen World Gift Shop uses a perpetual inventory system. Journalize the following transactions for Zen World 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 $3,200 of inventory on account under terms 1/10, n/EOM and FOB shipping point. Date Accounts Debit Credit Feb. 3 Transactions x - Feb. y 3. Debit Credit Accounts Payable Accounts Receivable Cash Feb. 7: Returned Cost of Goods Sold Date Delivery Expense Freight In Feb. 7 Inventory Purchase Discounts Purchase Returns and Allowances Purchases Sales Revenue Feb. 9: Paid freign UI JUU UITI CUI Vary puroSC. 3 Purchased $3,200 of inventory on account under terms 1/10, n/EOM and FOB shipping point. 7 Returned $800 of defective merchandise purchased on February 3. 9 Paid freight bill of $500 on February 3 purchase. 10 Sold inventory on account for $4,400. Payment terms were 1/15, n/30. These goods cost the company $2,200. 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 Accounts Debit Credit Print Done Feb. 9 Feb. 10: Sold inventory on account for $4,400. Payment terms were 1/15, n/30. These goods cost the company $2,200 Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Feb. 10 Now journalize the expense related to the February 10 saleCost of goods, $2,200. Date Accounts Debit Credit Feb. 10 Feb. 12: Paid amount owed on credit purchase of February 3, less the return and the discount. 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. 28