The Jewel Box purchases Jewellery from around the world and sells to local retallers in Canada. Consider the following perpetual system merchandising transactions of The Jewel Box. Use a separate account for each recelvable and payable, for example, record the purchase on August in Accounts PayableLuu Company.
Aup. I Purchesed necklaces fren Luu Conpany for $ under credit terms of n F destinatian.
At luw Conpony's request, poid $ for freight charges on the August purchase, reducling the anount ened to Luw
Sold fines to Green Ruby for $ under credit terns of FB destination. The merchandise had cost
Rurchased brocelets fron ane Co for $ under credit terns of FoB shipping point.
Pald $ shipoing charges pelated to the August sale to Green Ruby.
Green Ruby returned the rings purchased fron the August sale that had cost $ and been sold for $ The aerchandise was restored to Inventory.
After negotiations with Jone Concerning probleas with the nerchandise purchased on August recelued of credit wemo from Jane granting a price reduction of $
Recelved balance due fron Gireen Ruby far the August sale.
Purchased offlice equipment from Mestco on credit,
Paid the anount due Jane for the August a purchase.
Sold earrings to Chle Jewellery for under credit terms of Fos shipping point, The merchandise had cost $
Chic Jeweliery requested a price reduction on the August sale because the merchandise did not mect specifications. Sent Chic Jewellery a eredit meno for $ to resolve the issue.
Recelved Chic Jewellery's payment of tht anount due fron the August purchase.
Peid Luu Conosny the anount doe fron the August purchsse.
