Gifty Gift Shop uses a perpetual inventory system. Journalize the following transactions for Gifty Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the gross amount. Round all numbers to the nearest whole dollar.) View the transactions. Feb. 3: Purchased $3,000 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Curby's Herbs. Date Feb. 3 Feb. 7: Returned $100 of defective merchandise purchased on February 3. Date Feb. 7 Accounts Feb. 9 Accounts Feb. 9: Paid freight bill of $200 on February 3 purchase. Date Accounts Debit Debit ID Debit Credit Transactions Purchased $3,000 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Curby's Herbs. Feb. 7 Returned $100 of defective merchandise purchased on February 3. Paid freight bill of $200 on February 3 purchase. Feb. 9 Feb. 10 Sold merchandise inventory on account for $4,300 to Nyasa Pilates. Payment terms were 1/15, n/30. These goods cost the company $2,150. Feb. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 3 Feb. 16 Granted a sales allowance of $800 on the February 10 sale. Feb. 23 Received cash from Nyasa Pilates in full settlement of their debt, less the allowance and the discount. Print Done - - X
Gifty Gift Shop uses a perpetual inventory system. Journalize the following transactions for Gifty Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the gross amount. Round all numbers to the nearest whole dollar.) View the transactions. Feb. 3: Purchased $3,000 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Curby's Herbs. Date Feb. 3 Feb. 7: Returned $100 of defective merchandise purchased on February 3. Date Feb. 7 Accounts Feb. 9 Accounts Feb. 9: Paid freight bill of $200 on February 3 purchase. Date Accounts Debit Debit ID Debit Credit Transactions Purchased $3,000 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Curby's Herbs. Feb. 7 Returned $100 of defective merchandise purchased on February 3. Paid freight bill of $200 on February 3 purchase. Feb. 9 Feb. 10 Sold merchandise inventory on account for $4,300 to Nyasa Pilates. Payment terms were 1/15, n/30. These goods cost the company $2,150. Feb. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 3 Feb. 16 Granted a sales allowance of $800 on the February 10 sale. Feb. 23 Received cash from Nyasa Pilates in full settlement of their debt, less the allowance and the discount. Print Done - - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Gifty Gift Shop uses a perpetual inventory system. Journalize the following transactions for Gifty Gift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from
journal entries. Assume the company records sales at the gross amount. Round all numbers to the nearest whole dollar.)
View the transactions.
Feb. 3: Purchased $3,000 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point from Curby's Herbs.
Date
Feb. 3
Feb. 7: Returned $100 of defective merchandise purchased on February 3.
Date
Feb. 7
Accounts
Feb. 9
Accounts
Feb. 9: Paid freight bill of $200 on February 3 purchase.
Date
Accounts
Debit
Debit
ID
Debit
Credit
Transactions
Purchased $3,000 of merchandise inventory on account under terms
2/10, n/EOM and FOB shipping point from Curby's Herbs.
Feb. 7
Returned $100 of defective merchandise purchased on February 3.
Paid freight bill of $200 on February 3 purchase.
Feb. 9
Feb. 10 Sold merchandise inventory on account for $4,300 to Nyasa Pilates.
Payment terms were 1/15, n/30. These goods cost the company $2,150.
Feb. 12 Paid amount owed on credit purchase of February 3, less the return and
the discount.
Feb. 3
Feb. 16 Granted a sales allowance of $800 on the February 10 sale.
Feb. 23 Received cash from Nyasa Pilates in full settlement of their debt, less the
allowance and the discount.
Print
Done
-
- X
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