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Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $100. Returned $500 of inventory to Southboro. Paid Southboro Diamonds, less return. Purchased inventory of $4,000 on account from Schmitt Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $300 allowance from Schmitt Diamonds for damaged but usable goods. Paid Schmitt Diamonds, less allowance and discount.

Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $100. Returned $500 of inventory to Southboro. Paid Southboro Diamonds, less return. Purchased inventory of $4,000 on account from Schmitt Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $300 allowance from Schmitt Diamonds for damaged but usable goods. Paid Schmitt Diamonds, less allowance and discount.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 S Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $100. Returned $500 of inventory to Southboro. Paid Southboro Diamonds, less return. Jun. 20 Purchased inventory of $4,000 on account from Schmitt Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Show Transcribed Text Received a $300 allowance from Schmitt Diamonds for damaged but usable goods. Paid Schmitt Diamonds, less allowance and discount. Jun. 20: Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Date Ĉ Accounts Debit Credit
Transcribed Image Text:Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 S Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $100. Returned $500 of inventory to Southboro. Paid Southboro Diamonds, less return. Jun. 20 Purchased inventory of $4,000 on account from Schmitt Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Show Transcribed Text Received a $300 allowance from Schmitt Diamonds for damaged but usable goods. Paid Schmitt Diamonds, less allowance and discount. Jun. 20: Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Date Ĉ Accounts Debit Credit
Harris Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. ii (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit
Transcribed Image Text:Harris Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. ii (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,300 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit
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