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Journalize the March transactions for Park Gift Shop

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Reference no: EM132868267

Problem - Transactions for Park Gift Shop during the month of March are presented below.

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. 25: Received cash from the March 12 customer in full settlement of the debt after discount.

Required - Journalize the March transactions for Park Gift Shop. Park uses a perpetual inventory system.

Reference no: EM132868267

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