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Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required
Jun. 20 Purchased inventory of 55, ICO on account from Sanders Diamonds, a
jewelry Importer. Terms were 2/15. n/45. FOB shipping point.
20 Paid freight charges, $400,
Jul 4 Returned $600 of inventory to Sanders.
14 Paid Sanders Diamonds, less return,
16 Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry Importer. Terms were 2/10, n/TOM, FOB destination.
18 Received a $300 allowance from Southboco Diamonds for damaged but usable goods.
24 Paid Southboro Diamonds less allowance and discount
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