the jewell box purchase jwellery from around the world and sells to local retailers in canada. consider the following perpetual system merchendising transactions of the jewel box. use a seperate account for each receviable and payable for example record the purchase on august 1 in accounts payable luu company.

Aug1 purchased necklaces from luu company for $3600 under credit terms of 2/10,n/30,FOBdestination.

4 at luu companys request, paid $310 for freight charges on the august 1 purchase, reducing the amount owed to luu.

5 sold rings to green ruby for $3560 under credit terms of 3/10, n/60, FOB destination, the merchandise had cost $2270.

8 purchased bracelets from jane co, for $4800 under credit terms of 2/10 ,n/45,FOB shipping points.

9 paid $285 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 $400 and been sold for $760. the merchandise was restored to inventory.

12 after negotiation 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 recieved balance due jane co.for the august 8 purchase.

17 purchased office equipment from westco on credit $5600,n/45

18 paid the amount due jane co.for the august8 purchase.

19 sold earrings to chic jwellery for $2500 under credit terms of 2/10 , n/30,FOB shipping point .the merchandise had cost $1130

22 chic jwellery requested a price reduction on the august 19 sale because the merchandise did not meet specifications. sent chic jwellery a credit memo for $200 to resolve the issue.

29 recieved chic jwellery payment of the amount due from the august 19 purchase.

30 paid luu company the amount due from the august 1 purchase.