Journalize the following transactions for Mountain Home Art Gift Shop. Explanations are not required. Feb. 3 7
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Journalize the following transactions for Mountain Home Art Gift Shop. Explanations are not required.
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Feb. 3 7 9 10 12 16 23 Purchased $2,800 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Calm Waters Herbs. Returned $700 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,800 to Namaste Yoga Studio. Payment terms were 1/15, n/30. These goods cost the company $2,400. Paid amount owed on credit purchase of February 3, less the return and the discount. Granted a sales allowance of $100 on the February 10 sale. Received cash from Namaste Yoga Studio in full settlement of its debt, less the allowance and the discount.
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Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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