General Journal

The Jewel Box purchases Jewellery from around the world and sells to local retailers in Canada. Consider 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 Aug. 1 Purchased necklaces from Luu Company for $4,400 under credit terms of 3/10, 1/30, Foe destination. 4 At Luu Company's request, paid $390 for freight charges on the August 1 purchase, reducing the anount owed to Luu. 5 Sold rings to Green Ruby for $4,040 under credit terms of 31/10, 1/60, FOB destination. The merchandise had cost $2,670. 8 Purchased bracelets from Jane Co. for $5,600 under credit terns of 1/10, 1/45, FOB shipping point. 9 Paid $365 shipping charges related to the August 5 sale to Green Ruby. 10 Green Ruby returned the rings purchased from the August 5 sale that had cost $480 and been sold for $840. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit nemo from Jane granting a price reduction of $300 15 Received balance due from Green Ruby for the August 5 sale 17 Purchased office equipment from Westco on credit, $6,400, 1/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 Sold earrings to Chic Jewellery for $2,000 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $1,030. 22 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 $250 to resolve the issue 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase. 30 Paid Luu Company the amount due from the August I purchase. Prepare General Journal entries to record the above transactions