Chapter 5, Problem E5.22E

Journalizing purchase and sales transactions
Learning Objective 2, 3
Journalize the 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.
7 Returned S900 of defective merchandise purchased on February 3.

9 Paid freight bill of $400 on February 3 purchase.

10 Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350.
12 Paid amount owed on credit purchase of February 3, less the return and the discount.

28 Received cash from February 10 customer in full settlement of their debt.

Use the following information to answer Exercises EE-23 through EE-25.

The adjusted trial balance of Quality Office Systems at March 31, 2018, follows: