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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,
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.) February 3: Purchased $2,800 of inventory on account under terms 1/10,n/EOM and FOB shipping point. February 9: Paid freight bill of $200 on February 3 purchase. February 10: Sold inventory on account for $5,000. Payment terms were 3/15,n/30. These goods cost the company $2,500. 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. Now journalize the expense related to the February 10 sale-Cost of goods, $2,500. February 28: Received cash from February 10 from the customer in full payment of their account
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