Problem 5-3A Journal entries for merchandising activities-perpetual LO3 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 Augustin Accounts Payable-Luu Company Aug. 1 Purchased necklaces from Luu Company for $4,200 under credit terns of 2/10, 1/30, Foe destination. 4 At Luu Company's request, paid $370 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $3,920 under credit terns of 3/10, n/60, FOB destination. The merchandise had cost $2,570. 8 Purchased bracelets from Jane Co. for $5,400 under credit terms of 2/10, n/45, FOB shipping point. 9 Paid $345 shipping charges related to the August 5 sale to Green Ruby. 1e Green Ruby returned the rings purchased from the August 5 sale that had cost $460 and been sold for $820. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit meno from Jane granting a price reduction of $500. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from Westco on credit, $6,200, 1/45. 18 Paid the anount due Jane Co. for the August B purchase. 19 sold earrings to Chic Jewellery for $1,500 under credit terns of 2/10, 1/30, FOB shipping point. The merchandise had cost $1,010. 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not neet specifications. Sent Chic Jewellery a credit meno for $200 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 1 purchase. Prepare General Journal entries to record the above transactions