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Tourneau Co. is a retailer of luxury jewelry and watches. The company reported the following...

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Accounting

Tourneau Co. is a retailer of luxury jewelry and watches. The company reported the following retail transactions during June. Any policies on credit terms, discounts and allowances are precisely followed on both purchases and sales. Tourneau uses the periodic inventory system. Prepare journal entries to record each transaction.

A. 19 Jun: Sold a $2,500 watch on account, terms 2/10, n/30. Tourneau sold the watch F.O.B. destination. $360 of freight charges were paid in cash. (Since they use periodic inventory, they do not record the matching entry for expense at the time of the sale)

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