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 $3,900 under credit terms of 2/10, n/30, FOB destination.
	4	At Luu Companys request, paid $340 for freight charges on the August 1 purchase, reducing the amount owed to Luu.
	5	Sold rings to Green Ruby for $3,740 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,420.
	8	Purchased bracelets from Jane Co. for $5,100 under credit terms of 2/10, n/45, FOB shipping point.
	9	Paid $315 shipping charges related to the August 5 sale to Green Ruby.
	10	Green Ruby returned the rings purchased from the August 5 sale that had cost $430 and been sold for $790. The merchandise was restored to inventory.
	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 $500.
	15	Received balance due from Green Ruby for the August 5 sale.
	17	Purchased office equipment from WestCo on credit, $5,900, n/45.
	18	Paid the amount due Jane Co. for the August 8 purchase.
	19	Sold earrings to Chic Jewellery for $2,350 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $1,100.
	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 $200 to resolve the issue.
	29	Received Chic Jewellerys payment of the amount due from the August 19 purchase.
	30	Paid Luu Company the amount due from the August 1 purchase.