Inventory Practice Principles of AccountingI Corr On June 30, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a ewelry importer. Terms were 3/15, net 45. The jewels cost Slater $2,610. The same day Hayes paid freight charges of $400. Upon receiving the goods, Hayes checked the order and found $800 of unsuitable merchandise, which was returned to Slater on July 3. (Slater's cost was $360.) Then, on July 14, Hayes paid the invoice. 1. Journalize all necessary transactions for Hayes Jewelers. Journalize the transactions for Slater Diamonds. a. b. Journalize the following transactions that occurred in May for Franklin's Framing. 2. May 1 Purchased $3,000 of inventory from P& M, terms 1/10, n/20 3 Sold $3,500 of goods to Frames R Us, Inc., terms 2/10, n/EOM. Franklin's cost was $2,240.) 5 Frames R Us returned $300 of goods (cost $198) 11 Paid P &M 13 Received payment from Frames R Us