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Learning Objectives 2, 3 15-20 foumalizing purchase and sales transactions Journalize the following transactions for...

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Learning Objectives 2, 3 15-20 foumalizing purchase and sales transactions Journalize the following transactions for Santa Fe Art Gift Shop. Explanations are not HAPTERS Feb. 23 Cash $4.653 nquired. Purchased $2,800 of merchandise inventory on account under terms 3/10, VEOM and FOB shipping point. 7 Returned $700 of defective merchandise purchased on February 3 9 Paid freight bill of $400 on February 3 purchase 10 Sold merchandise inventory on account for $4,800. Payment terms were 1/15, 1/30. These goods cost the company $2,400 12 Paid amount owed on credit purchase of February 3, less the return and the discount 16 Granted a sales allowance of $100 on the February 10 sale. 23 Received cash from February 10 customer in full settlement of their debt, less the allowance and the discount

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