The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada Prepare general journal entries to record the following perpetual system merchandising transactions of The Jewel Box Use a separate account for each receivable and povable for example, record the purchase on August 1 in dccounts Payable-Law Company. Awe | Purchased necklaces from Luu Company for $4,000 under credit terms of I/10, n/30, FOB destination 4 At Luu Company's request paid $350 for freight charges on the August I purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $3.500 under credit terms of 2/10/60 FOB destination. The merchandise had cost $2.470 8 Purchased bracelets from Jane Co for $5,200 under credit terms of 1/10, 1/45, FOB shipping point. 9 Paid S325 shipping charges related to the August 5 sale to Green Ruby 10 Green Ruby returned the rines 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. concernine problems with the merchandise purchased on August 8. received a credit memo 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 $1.500 under credit terms of 1/10,n/30, FOB shipping point. The merchandise had cost $990 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications Sent Chie Jewellery a credit memo for $300 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 I purchase