Journalize indicated transactions of ruby jewels

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Reference no: EM13529552

Journalizing periodic transactions On April 30, Fire & Ice Jewelers purchased inventory of $7,200 on account from Ruby Jewels, a jewelry importer. Terms were 3/15, net 45. On receiving the goods, Fire & Ice checked the order and found $600 of unsuitable merchandise. Therefore, Fire & Ice returned $600 of merchandise to Ruby on May 4. On May 14, Fire & Ice paid the net amount owed from April 30, less the return.

Requirement

1. Journalize indicated transactions of Ruby Jewels. Use the periodic inventory system. Explanations are not required.

Reference no: EM13529552

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