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 Payable-Luu Company. Aug. 1 Purchaned necklace from Luu Company for $5,000 under credit terms of 3/10, 1/30, roi destination At Luu Company's request, paid $450 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 sold ringe to Green Ruby for $4,400 ander credit terms of 2/10, n/60, FOB destination. The merchandise had cost 52,970 8 Purchased bracelets from Jane Co. for $6,200 under credit terms of 1/10, 1/45. ron shipping point. 9 Paid $425 shipping charges related to the August 5 wale to Green Ruby. 10 Green Ruby returned the ringa purchased from the August 5 sale that had cont $540 and been sold for $900. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the nerchandise purchased on August 8, received a credit momo from Jane granting a price reduction of $300. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from Westco on credit, $7,000, 1/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 sold earrings to Chic Jewellery for $2,300 under credit terms of 2/10, 1/30, POB shipping point. The merchandise had cost $1,090. 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 $250 to resolve the issue. 29 Received Chic Jewellery's payment of the amount due from the August 19 purchase. 30 Paid Luu Company the anount due from the August 1 purchase. Prepare General Journal entries to record the above transactions View transaction list X 1 Record the purchased goods; terms 3/10, 1/30, FOB destination 17 > 2 Record the paid freight for Luu Company 3 Record the sold goods; 2/10, 1/60, FOB destination 4 Record the cost of the August 5 sale. 5 Record the purchased goods: 1/10, 1/45, FOB shipping dit point. 6 Record the shipping charges paid on August 5 sale. 7 Record the sales returned by customer. Note: = journal entry has been entered Record entry Clear entry View general Journal View transaction list X 8 Record the goods returned to inventory. 17 > 9 Record the receipt of credit memo for August 8 purchase. 10 Record the receivable collected for Green Ruby 11 Record the purchased office equipment. 12 Record the payment for Jane Co. dit 13 Record the sold goods; terms 2/10, 1/30, FOB shipping point. 14 Record the cost of the August 19 sale. Note: - Journal entry has been entered Record entry Clear entry View general Journal View transaction list X X 11 Record the purchased office equipment. 17 > 12 Record the payment for Jane Co. 13 Record the sold goods; terms 2/10, n/30, FOB shipping point. 14 Record the cost of the August 19 sale. 15 Record the transaction for the issue of credit memo. dit 16 Record the receivable collected within the discount period. 17 Record the payment to vendor for credit transaction. Note : = journal entry has been entered Record entry Clear entry View general Journal
