Journalizing purchase and sale transactions-perpetual inventory Consider the following transactions that occurred in February 2012 for Gems, Inc.
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Feb
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3
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Purchased inventory on terms 1/5, n/eom, $2,000.
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4
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Purchased inventory for cash of $1,600.
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6
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Returned $600 of inventory from February 4 purchase.
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8
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Sold goods on terms of 2/15, n/35 of $7,000 that cost $3,500.
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10
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Paid for goods purchased on February 3.
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12
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Received goods from February 8 sale of $500 that cost $190.
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23
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Received payment from February 8 customer.
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25
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Sold goods to Farms for $900 that cost $350. Terms of n/30 were offered.
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As a courtesy to Farms, $75 of freight was added to the invoice for which
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cash was paid directly to UPS by Gems, Inc.
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29
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Received payment from Farms.
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Requirement
1. Journalize February transactions for Gems, Inc. No explanations are required.