Journalize the following transactions for Park Gift Shop.Explanations are not required.Park uses the gross method for sales transactions and 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 the gross method for sales transactions and 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 the gross method for sales transactions and 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