Journalize the Following Transactions for Park Gift Shop $$\text { Mar. 12: Sold merchandise inventory on arcount for } \$ 5,200 . , 2 / 15 , n / 30 \text {. These goods cost the company }$$

question 82

Essay

Journalize the following transactions for Park Gift Shop. Explanations are not required. Park uses a perpetual inventory system.
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.
$$\text { Mar. 12: Sold merchandise inventory on arcount for } \$ 5,200 . , 2 / 15 , n / 30 \text {. These goods cost the company }$$ Mar. 14: Paid amount owed on credit purchase of March 5, less the return and the discount.
Mar. 30: Received cash from the March 12 customer in full settlement of the debt.