Securing Higher Grades Costing Your Pocket? Book Your Course help Tutor at The Lowest Price Now!

Get Instant Course Help

Financial Accounting Question

Question Description

Jewel's Gems sells gold necklaces. On December 1, 2014, Jewel's had 230 necklaces in inventory at a cost of $120 each. During December, the following transactions occurred:

Dec. 1 Purchased 500 necklaces at $120 each from Lindal Gold Fashions on account, terms net 30.

4 Returned 30 of the necklaces purchased from Lindal because they were defective.

9 Paid the balance due on the Lindal account payable

12 Sold 600 necklaces for $250 each, terms n/30, FOB destination

13 Freight $250 on the Dec 12 sale paid by the appropriate party

16 Purchased 150 necklaces from Green wholesale Jewelers for $120, terms n/30.

17 Sold 30 of the necklaces for cash, $325 each

19 Customer returned 2 of the necklaces purchased on Dec 17. Provided a cash refund. The necklaces were returned to inventory.

Instructions

Using the perpetual inventory system, prepare the journal entries to record the transactions.

Want a fresh copy of this sample assignment
Course Help Features
Course Help Services
QR Code Course Help
elearningfeeds