Question

nt ep Belton Company can better take advantage of purchase discounts going forward. paring the invoice after the discount period and fiow Problem 5-3A Journal entries for merchandising activities-perpetual LO3 The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada. Prepare general journal entries to record 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 ust 1 in Accounts Payable-Luu Company. 369

problem5-3A

Answer 1

Credit Debit 4000 4000 350 350 Purchase Accounts Payable- Lur company Freight Cashmast Accounts Payable-Luv Company - Freight Accounts Receivable-Green Ruby 350 350 3800 Sales 3800 2470 COGS Spence Purchase 2470 Purchase 5200 Accounts Payable- Jane.com 5200 9 Shipping changes 325 Caelle 325 10 200 goo 449 to Sales Return Account Rece - Green Ruby Purchase COGS Expense Accounts Payable-Jane Co. – To Purchase return 448 12 400 too

CY Augs 17 6000 18 48 19 Dr. I cashe 2940 cash 60 13800-800] Account Rece-Ooreen Ruby 3000 6 office Equipment ! 6ooo Accounts Payable-West G. Acceints Payable-Innece (5200 402 4000 Cash 4752 Targets discount Rece Cash discount Sales Accounts Rece-chec Jewell. 1800 Salese 1800 COGS expense 990 Pinchase Sales Reform 300 Accounts Rece - chic Tere 300 Cash discount Accounts Resfichisa 1500 cash duscas soo-300] accounts Payable - Love. 3650 Cash (4000-350) 3650 19 990 Con 15 As 30