Joumalize 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/ t0, NEOM and FOB shipping; point.
Mar. 9: Returned $700 of defective merchandise purchased on March 5.
Mar. 1 1: Paid the freight bill of $250 on the Much 5 purchase.
Mar. 12: Sold merchandise inventory on account for $5,200.. 2/15, 11/30. These goods cost the 1 company $3,700. th d‘ ‘
Mar. 14: Paid amount owed on credit purchase of March 5.1688 the return and ° mm“ '
Mar. 30: Received cash from the March 12 customer in full settlement of the debt.

Required:
Prepare the genera journal entries to record these transactions

Answer rating: 100% (QA)

Merchandise inventory 4400 Accounts Payable 4400 Accounts Payable 700 ... View the full answer