Question: Journalize the following transactions for Santa Fe Art Gift Shop

Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not required.
Feb. 3 Purchased $2,800 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point.
7 Returned $700 of defective merchandise purchased on February 3.
9 Paid freight bill of $400 on February 3 purchase.
10 Sold merchandise inventory on account for $4,800. Payment terms were 1/15, n/30. These goods cost the company $2,400.
12 Paid amount owed on credit purchase of February 3, less the return and the discount.
16 Granted a sales allowance of $100 on the February 10 sale.
23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount.



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  • CreatedJune 12, 2015
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