Journalize the following transactions for Park Gift Shop. Explanations arc 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. 12: Sold merchandise inventory on account for $5,200., 2/15, n/30. These goods cost the company $3,700. 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.

Required:

Prepare the general journal entries to record these transactions

Answer rating: 100% (QA)

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