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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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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…
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 $4,008 under credit terms of 1/10, n/30, FOB destination. 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/60, 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, FOB shipping 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 and been sold for $8e0. The merchandise was restored to inventory. 12 After…
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The following transactions were selected from among those completed by Bennett Retailers in November and December: November 20 November 25 November 28 November 29 December 6 December 20 Required: Sold 20 items of merchandise to Customer B at an invoice price of $5,700 (total); terms 2/10, n/30. Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 3 percent credit card fee. Sold 10 identical items of merchandise to Customer D at an invoice price of $9,600 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer B paid in full for the invoice of November 20. Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute net sales for the two months ended December 31. Note: Do not round your…
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Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
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