Exercise 5-6 (similar to) Question Help 0 On November 30, 2020, Oxford Jewellers purchased inventory of $49,000 on account from Southern Gems Ltd., a jewellery importer. Terms were 2/15, n/45. On receiving the goods, Oxford checked the order and found $5,700 worth of items that were not ordered but included in the invoice. Oxford returned this amount of merchandise to Southern on December 4. On December 14, Oxford paid Southern. Required 1. Journalize all necessary transactions for Oxford Jewellers, which uses the perpetual inventory system. Explanations are not required. 2. Journalize the transactions of Southern Gems Ltd., which uses the perpetual inventory system. Southern's gross margin is 45 percent, so cost of goods sold is 55 percent of sales. Explanations are not required. Requirement 1. Journalize all necessary transactions for Oxford Jewellers, which uses the perpetual inventory system. Explanations are not required. Let's start by recording the November 30 receipt and invoice of inventory. (Record debits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest whole dollar.) Journal Entry Date Accounts Debit Credit November 30 Choose from any list or enter any number in the input fields and then click Check Answer. ? 7 parts remaining Clear All Check