Question: E - F: 5 - 2 5 Journalizing purchase and sales transactions Journalize the following transactions for Mountain Home Art Gift Shop. Explanations are not
EF: Journalizing purchase and sales transactions
Journalize the following transactions for Mountain Home Art Gift Shop. Explanations are not required.
Feb. Purchased $ of merchandise inventory on account under terms and FOB shipping point from Calm Waters Herbs.
Returned $ of defective merchandise purchased on February
Paid freight bill of $ on February purchase.
Sold merchandise inventory on account for $ to Namaste Yoga Studio. Payment terms were These goods cost the company $
Paid amount owed on credit purchase of February less the return and the discount.
Granted a sales allowance of $ on the February sale.
Received cash from Namaste Yoga Studio in full settlement of its debt, less the allowance and the discount.
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