Journalize the following transactions for Park Gift Shop.Explanations are not required.Park uses a perpetual inventory system.
Mar.5: Purchased $4,400 of merchandise inventory on account,3/10,n/EOM and FOB shipping point.
Mar.9: Returned $700 of defective merchandise purchased on March 5.
Mar.11: Paid the freight bill of $250 on the March 5 purchase.
Mar.14: Paid amount owed on credit purchase of March 5,less the return and the discount.
Mar.30: Received cash from the March 12 customer in full settlement of the debt.

Question

Journalize the following transactions for Park Gift Shop.Explanations are not required.Park uses a perpetual inventory system.
Mar.5: Purchased $4,400 of merchandise inventory on account,3/10,n/EOM and FOB shipping point.
Mar.9: Returned $700 of defective merchandise purchased on March 5.
Mar.11: Paid the freight bill of $250 on the March 5 purchase.
  Mar.14: Paid amount owed on credit purchase of March 5,less the return and the discount.
Mar.30: Received cash from the March 12 customer in full settlement of the debt.

Quizplus · Accepted Answer

The Answer of Journalize the following transactions for Park Gift Shop.Explanations are not required.Park uses a perpetual inventory system.
Mar.5: Purchased $4,400 of merchandise inventory on account,3/10,n/EOM and FOB shipping point.
Mar.9: Returned $700 of defective merchandise purchased on March 5.
Mar.11: Paid the freight bill of $250 on the March 5 purchase.
  Mar.14: Paid amount owed on credit purchase of March 5,less the return and the discount.
Mar.30: Received cash from the March 12 customer in full settlement of the debt.

Journalize the Following Transactions for Park Gift Shop