- The Jewel Box Purchases Jewellery From Around The World And Sells To Local Retailers In Canada Consider The Following P 1 (42.78 KiB) Viewed 12 times
- The Jewel Box Purchases Jewellery From Around The World And Sells To Local Retailers In Canada Consider The Following P 2 (42.78 KiB) Viewed 12 times
- The Jewel Box Purchases Jewellery From Around The World And Sells To Local Retailers In Canada Consider The Following P 3 (50.65 KiB) Viewed 12 times
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- The Jewel Box Purchases Jewellery From Around The World And Sells To Local Retailers In Canada Consider The Following P 5 (40.32 KiB) Viewed 12 times
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 $3,100 under credit terms of 3/10, n/30, FOB destination. 4 At Luu Company's request, paid $260 for freight charges on the August I purchase, reducing the amount owed to Luu, 5 Sold rings to Green Ruby for $3,260 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,020. 8 Purchased bracelets from Jane Co. for $4,300 under credit terms of 2/10, n/45, FOB shipping point. 9 Paid $235 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 $350 and been sold for $710. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 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 Purchaned office equipment from WestCo on credit, $5,100, n/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 Sold earrings to Chic Jewellery for $2,750 under credit terms of 2/10, n/30, FOB shipping point. The merchandise had cost $1,100. 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chie Jewellery a credit memo for $250 to resolve the issue. 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.
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $1,900 of merchandise for cash. 2 Purchased $6,700 of merchandise; terma 1/10, n/30. 5 Sold merchandise costing $3,500 for $5,100; terms 3/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August. 5. 17 Purchased $5,900 of merchandise; terma n/15. 19 Recorded $6,900 of cash sales (cost of sales 55,700).
Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use a separate account for each receivable and payable: (Round your answers to the 2 decimal places.) October 1 Purchased merchandise from Zeon Company on credit, terms 1/10, n/30, $15,600. 2 Sold merchandise for cash, $2,000. 7 Purchased merchandise on credit from Billings Co., terms 1/10, n/30, $11,400, FOB the seller's factory. 7 Paid $430 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $22,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,600. 13 Received a $1,400 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $600, n/30.. 15 Sold merchandise on credit to Tom Willis, terms 1/10, 1/30, n/60, $4,550. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory office supplies purchased on October 13 and returned, $120. 19 Issued a $400 credit memo to the customer who purchased merchandise on October 15 and returned a portion for credit. 25 Received payment for the merchandise sold on October 15. 29 The customer of October 12 paid for the purchase of that date. 31 Paid for the merchandise purchased on October 1.