Gift Shop uses a perpetual inventory system. Journalize the following transactions for Trudie's TrinketsGift Shop. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Feb. 3 Purchased $3,100 of merchandise inventory on account under terms 3/10,n/EOM and FOB shipping poin.
Date Accounts Debit Credit
Feb. 3
7 Returned $400 of defective merchandise purchased on February 3.
Date Accounts Debit Credit
Feb. 7
9 Paid freight bill of $500 on February 3 purchase.
Date Accounts Debit Credit
Feb. 9
10 Sold merchandise inventory on account for $4,400. Payment terms were 3/15, n/30. These goods cost the company $2,200.
Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related tot he sale. We will do that in the following step.
Date Accounts Debit Credit
Feb. 10
Now journalize the expense related tot he February 10 sale — Cost of goods, $2,400.
Date Accounts Debit Credit
Feb. 10
12 Paid amount owed on credit purchase of February 3, less the return and the discount.
Date Accounts Debit Credit
Feb. 12
28 Received cash from February 10 customer in full settlement of their debt.
Date Accounts Debit Credit
Feb. 28

Blue computers, a major pc manufacturer in the united states, currently has plants in kentucky and pennsylvania. the kentucky plant has a capacity of 1 million units a year and the pennsylvania plant has a capacity of 1.5 million units a year. the firm divides the united states into five markets: northeast, southeast, midwest, south, and west. each pc sells for $1,000. the firm anticipates a 50 perc~nt growth in demand (in each region) this year (after which demand will stabilize) and wants to build a plant with a capacity of 1.5 million units per year to accommodate the growth. potential sites being considered are in north carolina and california. currently the firm pays federal, state, and local taxes on the income from each plant. federal taxes are 20 percent of income, and all state and local taxes are 7 percent of income in each state. north carolina has offered to reduce taxes for the next 10 years from 7 percent to 2 percent. blue computers would like to take the tax break into consideration when planning its network. consider income over the next 10 years in your analysis. assume that all costs remain unchanged over the 10 years. use a discount factor of 0.1 for your analysis. annual fixed costs, production and shipping costs per unit, and current regional demand (before the 50 percent growth) are shown in table 5-13. (a) if blue computers sets an objective of minimizing total fixed and variable costs, where should they build the new plant? how should the network be structured? (b) if blue computers sets an objective of maximizing after-tax profits, where should they build the new plant? how should the network be structured? variable production and shipping cost ($/unit) annual fixed cost northeast southeast midwest south west (million$) kentucky 185 180 175 175 200 150 pennsylvania 170 190 180 200 220 200 n. carolina 180 180 185 185 215 150 california 220 220 195 195 175 150 demand ('000 units/month) 700 400 400 300 600