Received payment from the customer on the amount due from Jan. 20, less the allowance and discount 29 5-20 Journalizing purchase and sales transactions Learning Objectives 2, Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not required. Feb. 23 Cash $4,653 Purchased $2,800 of merchandise inventory on account under terms 3/10, rVEOM and FOB shipping point. Returned $700 of defective merchandise purchased on February 3. Feb. 3 7 9 Paid freight bill of $400 on February 3 purchase 10 12 16 Sold merchandise inventory on account for $4,800. 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 February 10 customer in full settlement of their debt, less the 23 allowance and the discount