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
gen-eral 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 August 1 in Accounts Payable—Luu Company.
Aug. 1 Purchased necklaces from Luu Company for $4,000 under
credit terms of 1/10, n/30, FOB destination. 4 At...