Journalizing purchase and sales transactions Journalize the following transactions for Soul A following transactions for Soul Art Gift Shop. Explanations are not required.
Feb. 3 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point.
Feb. 7 Returned $900 of defective merchandise purchased on February 3.
Feb. 9 Paid freight bill of $400 on February 3 purchase.
Feb. 10 Sold merchandise inventory on account for $4,700. 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 February 10 customer in full settlement of their debt.