Complete the necessary journal entries

Reference no: EM133416791

Question: During February, the following transactions and events occurred. Please complete the necessary journal entries. On February 1, Tiny Wait Inc. had inventory on hand of 30 laptop bags that cost $9 each. The cost of the additional laptop bags purchased did not change during the month of February.

Feb 3 Tiny Wait Inc. purchased an additional 35 laptop bags from Bella Co., terms 2/10, n/30.

Feb 8 Tiny Wait Inc. received credit because of defective laptop bags purchased on Feb 4, in the amount of $27.

Feb 9 Mountainview bought 10 laptop bags at $35 each, terms 2/10, n/30.

Feb 11 Ann's Mercantile bought 5 laptop bags at $35 each, terms n/30.

Feb 12 Paid Bella Co. in full, less discount.

Feb 15 Mountainview returned 2 laptop bags.

Feb 17 Received payment for balance due from Mountainview

Reference no: EM133416791

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