Aug 1 4 5 8 9 10 12 Purchased necklaces from Luu Company for $4,000 under credit terms of 1/10, 1/30, FOB destination At Luu Company's request. pald $350 for freight charges on the August 1 purchase, reducing the amount owed to Luu Sold rings to Green Ruby for $3,800 under credit terms of 2/10, V60, FOB destination. The merchandise had cost $2.470 Purchased bracelets from Jane Co. for $5,200 under credit terms of 1/10,n/45. FOB shipping point Paid $325 shipping charges related to the August 5 sale to Green Ruby Green Ruby returned the rings purchased from the August 5 sale that had cost $440 and been sold for $800. The merchandise was restored to inventory. After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit memo from Jane granting a price reduction of $400. Received balance due from Green Ruby for the August 5 sale. Purchased office equipment from WestCo on credit. $6.000.n/45 Paid the amount due Jane Co. for the August 8 purchase Sold earrings to Chic Jewellery for $1.800 under credit terms of 1/10,n/30, FOB shipping point. The merchandise had cost $990 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit memo for $300 to resolve the issue. Received Chic Jewellery's payment of the amount due from the August 19 purchase: Pald Luu Company the amount due from the August 1 purchase. 15 17 18 19 22 29 30 Problem 5-3A Journal entries for merchandising activities-perpetual LO3 The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada. Prepare gen- eral journal entries to record the following perpetual system merchandising transactions of The Jewel Box. Use a separate account for each receivable and payable, for example, record the purchase on August 1 in Accounts Payable-Luu Company