On May 1, the business purchased 10 rings on account at $6,000 each. Credit terms were 2/10, net/30. B. On May 2, the business returned one ring because of a defect.
C. On May 3, three of the rings were sold on account at $8,000 each, to one customer. Credit terms were n/30. No sales returns were expected.
D. On May 9, the accounts payable was paid in full.
E. On May 10, the customer paid for one ring sold on May 3.
F. On May 31, the business paid rent of $4,000 for the month of May and wages of $5,000.

Required:
1.Journalize the above transactions for Marjorie's Jewelry Store. The store uses the perpetual inventory system. Explanations are not required.
2.Prepare the income statement for the month ending May 31, 2017. Use the multistep format and ignore taxes.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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