Howie Jewelers had the following purchase transactions. Journalize all necessary trans- actions. Explanations are not required. Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Jun. 20 20 Paid freight charges, $400. Jul. 4 Returned $600 of inventory to Sanders. 14 Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. 16 Received a $300 allowance from Southboro Diamonds for damaged but usable goods. 18 24 Paid Southboro Diamonds, less allowance and discount.

Howie Jewelers had the following purchase transactions. Journalize all necessary trans- actions. Explanations are not required. Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Jun. 20 20 Paid freight charges, $400. Jul. 4 Returned $600 of inventory to Sanders. 14 Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. 16 Received a $300 allowance from Southboro Diamonds for damaged but usable goods. 18 24 Paid Southboro Diamonds, less allowance and discount.

Name: Howie Jewelers had the following purchase transactions. Journalize al
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Description: Howie Jewelers had the following purchase transactions. Journalize all necessary trans-actions. Explanations are not required.Purchased inventory of $5,100 on account from Sanders Diamonds, ajewelry importer. Terms were 2/15, n/45, FOB shipping poin

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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