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 PayableLuu Company. Aug. 1 Purchased necklaces from Luu Company for $4,500 under credit terms of 2/10, n/30, FOB destination. 4 At Luu Companys request, paid $400 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $4,100 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,720. 8 Purchased bracelets from Jane Co. for $5,700 under credit terms of 1/10