Chapter 5, Problem 5.17E

Journalizing purchase transactions

Hartford Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.

Jun. 20	Purchased inventory of $5.400 on account from Surry Diamonds, a jewelry importer. Terms were 3/15, n/45, FOB shipping point.
20	Paid freight charges, $300.
Jul. 4	Returned $900 of inventory to Surry.
14	Paid Surry Diamonds, less return.
16	Purchased inventory of $3,800 on account from Swift Diamonds, a jewelry importer. Terms were 3/10, n/EOM, FOB destination.
18	Received a $800 allowance from Swift for damaged but usable goods.
24	Paid Swift Diamonds, less allowance and discount.