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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. 11 Jun: Purchased $11,000 of necklaces on account from Blancpain, F.O.B. shipping point, terms 2/10, n/30. Freight charges of $525 were paid in cash.

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