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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

Solution

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)