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I need help with the last step. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then
I need help with the last step.
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 $5,500 on account from Southboro Diamonds, a jewelry importer Terms were 2/15, n/45, FOB shipping point. Date Accounts Debit credit 5,500 Merchandise Inventory Jun. 20 5,500 Accounts Payable Jun. 20: Paid freight charges, S600. Date Accounts LDebit credit More Info Merchandise Inventory 600 Jun. 20 Cash Jun. 20 Purchased inventory of S5,500 on account from Southboro Diamonds a jewelry importer. Terms were 2/15. n/45. FOB shipping point. 20Paid freight charges, $600, Jul. 4Ret $500 of inventory to Southboro. turned Jul. 4: Returned $500 of inventory to Southboro. Paid Southboro Diamonds, less return. Date Accounts LDebit LCredit 16 Purchased inventory of $3.600 on account from Suarez Diamonds, a jewelry importer Terms were 210, nEOM, FOB destination, Accounts Payable 500 Jul. 4 18 Received a$800 allowance from Suarez for damaged but usable goods. Merchandise Inventory 24Paid Suarez Diamonds, less allowance and discount Print Done Jul. 14: Paid Southboro Diamonds, less return. Date Credit Accounts Debi Accounts Payable 5.000 14 5,000 Cash Jul. 16: Purchased inventory of $3,600 on account from Suarez Diamonds, a jewelry importer. Terms were 2/10, nlEOM FOB destination. Date Accounts Debit ore dit Merchandise Inventory 3,600 Jul. 16 Accounts Payable 3,600Step by Step Solution
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