Purchase-Related Transactions Using Perpetual Inventory System
The following selected transactions were completed by Niles Co. during March of the current year:
Mar. 1. | Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. |
5. | Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. |
10. | Paid Haas Co. for invoice of March 1. |
13. | Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. |
14. | Issued debit memo to Jost Co. for $1,300 of merchandise returned from purchase on March 13. |
18. | Purchased merchandise from Fairhurst Company, $13,600, terms FOB shipping point, n/eom. |
18. | Paid freight of $320 on March 18 purchase from Fairhurst Company. |
19. | Purchased merchandise from Bickle Co., $7,750, terms FOB destination, 2/10, n/30. |
23. | Paid Jost Co. for invoice of March 13, less debit memo of March 14. |
29. | Paid Bickle Co. for invoice of March 19. |
31. | Paid Fairhurst Company for invoice of March 18. |
31. | Paid Whitman Co. for invoice of March 5. |
Journalize the entries to record the transactions of Britt Co. for March.
Mar. 1 | Merchandise Inventory | ||
Accounts Payable-Haas Co. | |||
Mar. 5 | |||
Mar. 10 | |||
Mar. 13 | |||
Mar. 14 | |||
Mar. 18-purchase | |||
Mar. 18-freight | |||
Mar. 19 | |||
Mar. 23 | |||
Mar. 29 | |||
Mar. 31-Fairhurst | |||
Mar. 31-Whitman | |||
Answer | |||
Date |
Explanation | Debit | Credit |
01-Mar | Inventory | $17,496 | |
Accounts payable-Hass co | $17,496 | ||
(17700*98%+235) | |||
05-Mar | inventory | $11,100 | |
Accounts payable-Whitman co. | $11,100 | ||
10-Mar | Accounts payable-Hass co | $17,496 | |
Cash | $17,496 | ||
13-Mar | Inventory | $ 6,633 | |
Accounts payable-Jost Co. | $ 6,633 | ||
(6700*99%) | |||
14-Mar | Accounts payable-Jost Co. | $ 1,287 | |
Inventory | $ 1,287 | ||
(1300*99%) | |||
18-Mar | Inventory | $13,600 | |
Accounts payable-Fairhurst company | $13,600 | ||
18-Mar | inventory | $ 320 | |
cash | $ 320 | ||
19-Mar | Inventory | $ 7,595 | |
Accounts payable-Bickle Co | $ 7,595 | ||
(7750*98%) | |||
23-Mar | Accounts payable-Jost Co. | $ 5,346 | |
cash | $ 5,346 | ||
29-Mar | Accounts payable-Bickle Co | $ 7,595 | |
Cash | $ 7,595 | ||
31-Mar | Accounts payable-Fairhurst company | $13,600 | |
Cash | $13,600 | ||
31-Mar | Accounts payable-Whitman co. | $11,100 | |
Cash | $11,100 |
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1
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office supplies primarily to wholesalers and occasionally to retail
customers: Mar. 2. Sold merchandise on account to Equinox Co.,
$18,800, terms FOB destination, 1/10, n/30. The cost of the goods
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