On April 30, 2014, Comox Jewellers purchased inventory of $45,000 on account from Northern Gems Ltd., a jewellery importer. Terms were 2/15, net 45. On receiving the goods, Comox checked the order and found $5,500 of unsuitable merchandise. Therefore, Comox returned the merchandise to Northern on May 4, 2014.
On May 14, 2014, Comox Jewellers paid the net amount owed from April 30.
Required
Record the required transactions in the journal of Comox Jewellers. Use the periodic inventory system. Explanations are not required.