Journalizing sales transactions perpetual system [10-15 min]
Refer to the facts presented in Exercise.
Requirement
1. Journalize the transactions of the seller, Slater Diamonds. Slater’s cost of goods sold was 45% of the sales price. Explanations are not equired.
Journalizing purchase transactions — perpetual system [10-15 min]
On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes paid freight charges of $400. Upon receiving the goods, Hayes checked the order and found $800 of unsuitable merchandise, which was returned to Slater on July 4. Then, on July 14, Hayes paid the invoice.
Requirement
1. Journalize all necessary transactions for Hayes Jewelers. Explanations are not required.
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