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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

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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 recolvable and payable; for example, record the purchase on August 1 in Accounts Payable-Luu Company. Aug. 1 Purchased necklaces from Luu Company for $5,000 under credit terms of 3/A0, n/30, FOB destination. 4 At Luu Company's request, paid $450 for freight charges on the August 1 purchase, feducing the amount owed to Luu. 5 Sold rings to Green Ruby for $4,400 under credit terms of 2/10, ni60, FOB destination. The merchandise had cont $2.970. 8 Purchased bracelets from Jane Co. for $6,200 under credit terms of 1/10,n/45, COB ahipping point. 9 Paid $425 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 $540 and been sold for $900. The merchandiso 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 $300. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from WestCo on credit, $7,000,n/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,n/30,FOB shipping point. The merchandise had cont $1,090 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 $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 amount due from the August 1 purchase. Prepare General Journal entries to record the above transactions

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