The Following Transactions Occurred for MM's Jewelry Store During the Month

Essay

The following transactions occurred for MM's Jewelry Store during the month:
a. On May 1, the owner purchased 100 rings on account at $6,000 each. Credit terms were 2/10, net 30.
b. On May 2, the owner returned one ring.
c. On May 3, the owner sold three of the rings on account at $8,000 each to one customer. The credit terms were 2/10, net 30.
d. On May 9, the owner paid the debt due.
e. On May 15, the customer from May 3 paid for the rings.
Required:
Prepare the journal entries for the above transactions.
1. The store uses the perpetual inventory system and the gross method to record purchase discounts. Explanations are not required.
2. The store uses the periodic inventory system and the net method to record purchase discounts. Explanations are not required.