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Hajjar Jewelers uses a perpetual Inventory systemn and had the following purchase tansactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 Purchased inventory
Hajjar Jewelers uses a perpetual Inventory systemn and had the following purchase tansactions. Journalize all necessary transactions. Explanations are not required.
Jun. 20 Purchased inventory of $5,900 on account from Sandler Diamonds, a jewelry importer. Terms were 2/15,n/45, FOB shipping point. Jun. 20 Paid freight charges, $200. Jul. 4 Returned $600 of inventory to Sandler. Jul. 14 Paid Sandler Diamonds, less return. Jul. 16 Purchased inventory of $4,600 on account from Sandra Diamonds, a jewelry importer. Terms were 3/10, n/EOM, FOB destination. Jul. 18 Received a $500 allowance from Sandra Diamonds for damaged but usable goods Jul. 24 Paid Sandra Diamonds, less allowance and discount. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Sandler Diamonds, a jewelry importer. Terms were 2/15,n/45, FOB shipping point. Jun. 20: Paid freight charges, $200. Jul. 4: Returned $600 of inventory to Sandler. Jul. 14: Paid Sandler Diamonds, less return. Jul. 16: Purchased inventory of $4,600 on account from Sandra Diamonds, a jewelry importer. Terms were 3/10,n/EOM,FOB destination. Jul. 18: Received a $500 allowance from Sandra Diamonds for damaged but usable goods. Jul. 24: Paid Sandra Diamonds, less allowance and discountStep by Step Solution
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