core: 0 of 1pt 2 of 2 (0 complete) HW Score: 0%, 0 of 2 E5-22 (similar to) Quest

Question

core: 0 of 1pt 2 of 2 (0 complete) HW Score: 0%, 0 of 2 E5-22 (similar to) Question Help Trudie's Trinkots Gift Shop uses a perpetual inventory system. Jounalize the following transacions for Trudle's Tinkets Gift Shop Expianations are not required Record debits first, then whole dolar) credits. Exclude explanations from jourmal entries. Assume the company records sales at tho net amount Round all numbers to the nearest (Click the loon to viow the transactions.) Feb. 3: Purchased $3,000 of merchandise inventory on account under lerms 1/10, n/EOM and FOB shipping point Date DebitCredit Fob. 3 Creoso ?0m any iist or otar any nuto, n the rout Seids and then cia Check Answer Q W E C V B N - Fr

Explanation / Answer

Journal entry :

Date account & explanation debit credit Feb 3 Merchandise inventory 3000 Account payable 3000 (To record purchase) Feb 7 Account payable 800 Merchandise inventory 800 (To record return) Feb 9 Merchandise inventory 200 Cash 200 (To record freight paid) Feb 10 Account receivable 5000 Sales revenue 5000 (To record Sales) Cost of goods sold 2500 Merchandise inventory 2500 (To record cost of goods sold) Feb 12 Account payable 2200 Cash 2178 Merchandise inventory 22 (To record amount paid) Feb 28 Cash 5000 Account receivable 5000 (To record amount received)

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