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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 Parehased necklaces from tu company for $3,000 under credit terns of 2/10, n/30, POB destination 4 At Luu Company's request. paid $250 for freight charges on the August 1 purchase, reducing the amount oved to Luo 5 Sold ringe to Green Tuby for $3,200 undex credit terms of 3/10, 1/60 ron destination. The merchandise had cost $1,970. Purchased bracelets from Jane co, for $4,200 under credit torn of 2/10, 1/4, Toshipping point. Pald $225 shipping charges related to the August 5 sala to Green Ruby 10 Great Ruby returned the ting purchased tron the Augustate that had cost $340 and been sold for 700. The merchandise was restored to inventory 12 Atter negotiations with Jane Co. concerning problems with the merchandise purchased on August, received credit nene fra Jane granting a price reduction or $500. 15 Received balance de from Green Ruby for the Aquat sale. u Purchased office equipment from Neatco on credit, $5,000. 6/45 10 Paid the amount due Jane Co. for the Auguste purchase 19 sold earrings to Chic Jewellery for $2,000 under credit rerne ot 2/10, 1/30, Popping point. The merchandise had cost $1,190 22 chie Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specification. Sent Chic Jewellery credit meno tor $200 to resolve the image 21 Received Chte devellery' payment of the amount due to the August 19 purchase. 30 Pald Tud Company the amount doe from the August 1 purchase Prepare General Journal entries to record the above transactions, View transaction list

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