Problem 5-3A Journal entries for merchandising activitiesperpetual 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 from Luu Company for $3,200 under credit terms of 1/18, n/38, FOB destination. 4 At Luu Company's request, paid $270 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $3,320 under credit terms of 3/10, n/60, FOB destination. The merchandise had cost $2,87e. 8 Purchased bracelets from Jane Co. for $4,4ee under credit terms of 1/1e, n/45, FOB shipping point. 9 Paid $245 shipping charges related to the August 5 sale to Green Ruby. 18 Green Ruby returned the rings purchased from the August 5 sale that had cost $362 and been sold for $728. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit nemo from Jane granting a price reduction of $300. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from Westco on credit, $5,280, n/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 Sold earrings to Chic Jewellery for $2,700 under credit terms of 1/18, n/38, FOB shipping point. The merchandise had cost $1,170. 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit meno for $388 to resolve the issue. 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase. 30 Paid Luu Company the anount due from the August 1 purchase. Prepare General Journal entries to record the above transactions. View transaction list Journal entry worksheet