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 payable; for example, record the purchase on August 1 in Accounts PayableLuu Company.

Aug 1 Purchased necklaces from Luu Company for $4,000 under credit terms of 1/10, n/30, FOB destination.

Aug 4 At Luu Company's request, paid $350 for freight charges on the August 1 purchase, reducing the amount owed to Luu.

Aug 5 Sold rings to Green Ruby for $3,800 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,470.

Aug 8 Purchased bracelets from Jane Co. for $5,200 under credit terms of 1/10, n/45, FOB shipping point.

Aug 9 Paid $325 shipping charges related to the August 5 sale to Green Ruby.

Aug 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.

Aug 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit memo from Jane granting a price reduction of $400.

Aug 15 Received balance due from Green Ruby for the August 5 sale.

Aug 17 Purchased office equipment from WestCo on credit, $6,000, n/45.

Aug 18 Paid the amount due Jane Co. for the August 8 purchase.

Aug 19 Sold earrings to Chic Jewellery for $1,800 under credit terms of 1/10, n/30, FOB shipping point. The merchandise had cost $990.

Aug 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit memo for $300 to resolve the issue.

Aug 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase.

Aug 30 Paid Luu Company the amount due from the August 1 purchase.

Question 1 : - Follow the same layout below as per transaction 01

Aug	01		Merchandise Inventory Accounts payable - Luu Company	4,000		4,000
			Purchased goods; terms 1/10, n/30, FOB destination

Question 2:

Use the data provided to you here below to determine each of the missing numbers in the following situations (Numbers should follow the same layout and have Red COLOR):

	A	B	C
Invoice cost of merchandise purchase	44 000	21 000	16 250
Purchase Discount	2 000	?	325
Purchase returns and allowances	1 500	750	500
Cost of Freight-in	?	1 750	2 000
Merchandise inventory (Beginning of period)	4 500	?	3 500
Net cost of merchandise purchases	44 700	19 750	?
Merchandise Inventory (end of period)	2 200	3 750	?
Cost of goods sold	?	20 800	17 065

Explain all your calculation here below: