Question

Hayes Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.
Jun. 20 Purchased inventory of $ 5,800 on account from Slater Diamonds, a jewelry importer. Terms were 3/15, n/45, FOB shipping point.
20 Paid freight charges, $ 400.
Jul. 4 Returned $ 800 of inventory to Slater.
14 Paid Slater Diamonds, less return.
16 Purchased inventory of $ 3,480 on account from Schmitt Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination.
18 Received a $ 480 allowance from Schmitt for damaged but usable goods.
24 Paid Schmitt Diamonds, less allowance and discount.



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  • CreatedJanuary 16, 2015
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