Home / Questions / Zen World Gift Shop uses a perpetual inventory system Journalize the following transactions for Zen
Zen World Gift Shop uses a perpetual inventory system Journalize the following transactions for Zen World Gift Shop. Explanations are not required. (Record debits first, then credits sales at the net amount, Round all numbers to the nearest whole dollar) (Click the icon to view the transactions ) Feb 3 Purchased $2,600 of merchandise inventory on account under terms 1/10, n/EOM and FO8 shipping point. Credit Debit Accounts Date Feb. 3 Feb. 7 Retumed $800 of defective merchandise purchased on February 3 Credit Accounts Debit Date Feb 7 Feb 9 Paid freight bill of $300 on February 3 purchase Accounts Date Debit Credit Feb. 9 Feb. 10 Sold merchandise inventory on account for $4,400 Payment terms were 1/15, n/30. These goods cost the company $2 200
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