The Jewel Box purchases jewellery from around the world and sells to local retallers In Canada. Consider the following perpetualsystem merchandisıng transactions of The Jewel Box. Use a separate account for each recelvable and payable; for example, recordthe purchase on August 1 in Accounts Payable-Luu Company.Aug. 1 Purchased necklaces from Luu Company for $4, 000 under credit terms of 1/10, n/30, FOBdestination.4 At Luu Company's request, paid $350 for freight charges on the August 1 purchase,reducing the amount owed to Luu.5 Sold rings to Green Ruby for $3,800 under credit terms of 2/10, n/68, FOB destination.The merchandise had cost $2,470.8 Purchased bracelets from Jane Co. for $5,200 under credit terms of 1/10, n/45, FOBshipping point.9 Paid $325 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 $440 andbeen sold for $80e. The merchandise was restored to inventory.12 After negotiations with Jane Co. concerning problems with the merchandise purchased onAugust 8, received a credit memo from Jane granting a price reduction of $400.15 Received balance due from Green Ruby for the August 5 sale.17 Purchased office equipment from Westco on credit, $6,800, n/45.18 Paid the amount due Jane Co. for the August 8 purchase.19 Sold earrings to Chic Jewellery for $1,800 under credit terms of 1/10, n/30, FOB shippingpoint. The merchandise had cost $990.22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandisedid not meet specifications. Sent Chic Jewellery a credit memo for $300 to resolve theissue.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 entrles to record the above transactions.View transaction list

Date Accounting Titles and Explanations Debit ($) Credit($) August 01 Purchases 4,000…

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 recetvable and payable; for example, record the purchase on August 1 in Accounts Payable-Luu Company.

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 recetvable and payable; for example, record the purchase on August 1 in Accounts Payable-Luu Company.

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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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 Purchased necklaces from Luu Company for $3,500 under credit terms of 1/10, n/30, FOB destination. 4 At Luu Company's request, paid $300 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $3,500 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,220. 8 Purchased bracelets from Jane Co. for $4,700 under credit terms of 1/10, n/45, FOB shipping point. 9 Paid $275 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 $390 and been sold for $750. The merchandise was restored to inventory. 12 After…
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