E5-18 3 Journalizing sales transactions—perpetual system [10–15 min]
Refer to the facts presented in Exercise 5-15.
Requirement
1. Journalize the transactions of the seller, Slater Diamonds. Slater’s cost of goods sold was 45% of the sales price. Explanations are not required.
data from 5-15
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.
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