Question 1 10 pts Perpetual Journal Entries Question (10 marks; suggested time 15 minutes) J-Z-Lo (J-Z-L) Jewelry had the following transactions in May. Prepare journal entries for these transactions assuming J-Z-L uses a perpetual inventory system. PROVIDE THE JOURNAL EXTRIES BELOW THE DETAILS FOR EACH DATE (May 2, then May 5, etc.; please indicate date 2/5 then 5/5, etc.). May 2 J-Z-L received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB shipping point. J-Z-L paid the freight bill amounting to $2,000. May 5 J-Z-L sold $8,000 of merchandise on account, terms 3/15 n/30. The cost of the merchandise sold was $5,500. May 8 J-Z-L paid the amount owed from the May 2 purchase. May 15 The customer returned $2,500 of merchandise sold on May 5. The cost of the returned merchandise was $1,450. May 19 J-Z-L received payment of the amount due from the sale of May 5.

Perpetual Journal Entries Question (10 marks; suggested time 15 minutes) JZ Lo (JZL) Jewelry had the following transactions in May. Prepare journal entries for these transactions assuming J-Z-L uses a perpetual inventory system. PROVIDE THE JOURNAL ENTTRIES BELOW THE DETAILS FOR EACH DATE (May 2, then May 5, etc.; please indicate date 2/5 then 5/5, etc.). May 2 J-Z-L received an $18,000 invoice from one of its suppliers. Terms were 2/10 n/30, FOB shipping point. J-Z-L paid the freight bill amounting to $2,000. May 5 JZL sold $8,000 of merchandise on account, terms 3/15n/30. The cost of the merchandise sold was $5,500. May 8 J-Z-L paid the amount owed from the May 2 purchase. May 15 The customer returned $2,500 of merchandise sold on May 5. The cost of the returned merchandise was $1,450. May 19 1-Z-L received payment of the amount due from the sale of May 5