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 August 1 in Accounts Payable-Luu Company Aug. 1 Purchased necklaces fron Luu Company for $4,000 under credit terms of 1/10, n/30, FOB destination. 4 At Luu Company's request, paid $350 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 sold rings to Green Ruby for $3,800 under credit terns of 2/10, 1/60, F08 destination The merchandise had cost $2,470. 8 Purchased bracelets fron Jane Co. for $5,200 under credit terms of 1/10, 1/45, FOB shipping point. 9 Paid $325 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 $440 and been sold for $800. 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 $400. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from Westco on credit, $6,000, n/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 Sold earrings to Chic Jewellery for $1,800 under credit terms of 1/10, 1/30, FOB Prev 1 of 1 !!! Next doc Exercise 3 consu....docx exercise 2 cons...docx 1 Golf Ch 5 Strat.docx 9. Ch 9 Motivatio.docx