(L. OBJ.5) Journalizing periodic transactions [10—15 min]
On September 30, Stanley & Weaver Jewelers purchased inventory of $8,600 on account from Onyx Jewels, a jewelry importer. Terms were 3/15, net 45. On receiving the goods, Stanley & Weaver checked the order and found $700 of unsuitable merchandise. Therefore, Stanley & Weaver returned $700 of merchandise to Onyx on October 4.
On October 14, Stanley & Weaver paid the net amount owed from September 30, less the return.
Requirement
1. Journalize indicated transactions of Onyx jewels. Use the periodic inventory system. Explanations are not required.
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