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On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes paid freight charges of $400. Upon receiving the goods, Hayes checked the order and found $800 of unsuitable merchandise, which was returned to Slater on July 4. Then, on July 14, Hayes paid

Chapter 5, Short Exercises #15
On June 30, 2012, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Hayes paid freight charges of $400. Upon receiving the goods, Hayes checked the order and found $800 of unsuitable merchandise, which was returned to Slater on July 4. Then, on July 14, Hayes paid the invoice.
Requirement
1. Journalize all necessary transactions for Hayes Jewelers. Explanations are not required.

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Related Book For answer-question
Financial and Managerial Accounting

Financial and Managerial Accounting

3rd Edition

Authors: Horngren, Harrison, Oliver

ISBN: 978-0132497978

Answers for Questions in Chapter 5

Appendix Short exercises:
Communication Activity:
COMPREHENSIVE PROBLEM:
Decision Cases:
Ethical Issues:
Financial Statement Case:
Fraud Cases:
Short Exercises:
Team Projects:

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