Chapter 5, Problem E5.20E

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