On April 30, 2017, Ladysmith 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, Ladysmith checked the order and found $5,500 of unsuitable merchandise. Therefore, Ladysmith returned the merchandise to Northern on May 4, 2017.
On May 14, 2017, Ladysmith Jewellers paid the net amount owed from April 30.
Required
Record the required transactions in the journal of Ladysmith Jewellers. Use the periodic inventory system. Explanations are not required.