The following transactions occurred for Melissa' s fine jewelry

1) purchased 10 necklaces on account for 5000 each
2 sold three on account for 8000 each
3) paid off account payable
4) collected all of the account receivable

1) journalize these transactions
2) what will Melissa's fine jewelry report on the balance sheet
3) compute the gross profit

We don't do your homework... We will correct it AFTER you've done it. Show your work and your answers.

These are simple transactions and simple calculations.