Journalizing periodic transactions [10-15 min]
Refer to the business situation in Exercise.
Requirement
1. Journalize the transactions of Fire&Ice Jewelers. Use the periodic inventory system. Explanations are not required.
Journalizing periodic transactions [10-15 min]
On April 30, Fire&Ice Jewelers purchased inventory of $7,200 on account from Ruby Jewels, a jewelry importer. Terms were 3/15, net 45. On receiving the goods, Fire&Ice checked the order and found $600 of unsuitable merchandise. Therefore, Fire&Ice returned $600 of merchandise to Ruby on May 4.
On May 14, Fire&Ice paid the net amount owed from April 30, less the return.
Requirement
1. Journalize indicated transactions of Ruby Jewels. Use the periodic inventory system. Explanations are not required.
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