# Question 11 haynes jewelers uses a perpetual

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Question # 11 Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of \$5,100 on account from Surry Diamonds, a jewelry importer. Terms were 3/15, n/45, FOB shipping point.
Jun. 20: Paid freight charges, \$100.
Jul. 16 : Purchased inventory of \$3,700 on account from Swift Diamonds, a jewelry importer. Terms were 2 /10, n/EOM, FOB destination.
Jul. 18: Received a \$700 allowance from Swift f or damaged but usable goods.
Jul. 24 : Paid Swift Diamonds, less allowance and discount.
Jul. 24 Accounts Payable 3,000 Cash 2,940 Merchandise Inventory 60 To Solve: Take 3,700 – 700 = 3,000 Now take 3,000 * 0.02 = 60 Now take 3000 – 60 = 2,940 Question # 12 E5-21 Antique World uses a perpetual inventory system. Journalize the following sales transactions for Antique World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) Jan. 4 Sold \$15,000 of antiques on account, credit terms are n/30. Cost of goods is \$7,500. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step.
Now journalize the expense related to the January 4 sale Cost of goods, \$7,500.