On June 30, 2019, Hayes Jewelers purchased inventory of $5,800 on account from Slater Diamonds, a...

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On June 30, 2019, 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. Requirements 1. Journalize all necessary transactions for Hayes Jewelers. Explanations are not required. Req. 1 DATE June 30 30 July 4 14 Journal ACCOUNTS AND EXPLANATIONS POST.REF. DEBIT CREDIT On June 30, 2019, 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. Requirements 1. Journalize all necessary transactions for Hayes Jewelers. Explanations are not required. Req. 1 DATE June 30 30 July 4 14 Journal ACCOUNTS AND EXPLANATIONS POST.REF. DEBIT CREDIT

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Date 2019 Jun30 Jul4 Jul 14 Journal Entries Account Title and Explaination Merchandise Inventory Ac... View the full answer