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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 $5,000 under credit teres of 3/10,n/30, F00 destination. 4 At Luu Company's request, paid $450 for freight charges on the August 1 purchase, reducing the anount owed to Luu. 5 Sold rings to Green Ruby for $4,400 under credit terns of 2/10,n/60, FoB destination. The merchandise had cost $2,970. 8 Purchased bracelets from Jane Co. for $6,200 under credit terns of 1/10, n/45, FCB shipping point. 9 Paid $425 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 5540 and been sold for $900. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning probless with the nerchandise purchased on August 8 , received a credit memo from Jane granting a orice reduction of $300. 15 Recelved balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from Westco on credit, 57,600,0/45. 18 Paid the anount due Jane Co. For the August 8 purchase. 19 Sold earrings to Chic Jewellery for $2,300 under credit terms of 2/10,n/30, Fob shipping polint. The merchandise. had cost $1,996. 22 Chic peiellery requested a price reduction on the August 19 sale because the nerchandise did not eeet speciftcations; Sent Chic Jevellery a credit memo for $250 to resolve the issue. 29 Received Chic Jewellery's poynent of the anount due from the August 19 purchase. 30 Pald Lul compary the anount due from the August 1 purchose. Prepare General Journal entries to record the obove transactions

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