Journal Entries | |||
Date | General Journal | Debit | Credit |
Mar. 1 | Inventory | $13,700 | |
Accounts Payable - Haas Co. | $13,700 | ||
(To record the purchase of inventory on account) | |||
Mar. 5 | Inventory | $10,550 | |
Accounts Payable - Whitman Co. | $10,550 | ||
(To record the purchase of inventory on account) | |||
Mar. 10 | Accounts Payable - Haas Co. | $13,700 | |
Purchase Discount ($13,700*2/100) | $274 | ||
Cash ($13,700 - $274) | $13,426 | ||
(To record the payment to Haas Co.) | |||
Mar. 13 | Inventory | $7,400 | |
Accounts Payable - Jost Co. | $7,400 | ||
(To record the purchase of inventory on account) | |||
Mar. 14 | Accounts Payable - Jost Co. | $1,400 | |
Inventory | $1,400 | ||
(To record the return of inventory purchased on account) | |||
Mar. 18 | Inventory | $10,000 | |
Accounts Payable - Fairhurst Company | $10,000 | ||
(To record the purchase of inventory on account) | |||
Mar. 18 | Freight Expenses | $170 | |
Cash | $170 | ||
(To record the payment of freight expenses) | |||
Mar. 19 | Inventory | $8,100 | |
Accounts Payable - Bickle Co. | $8,100 | ||
(To record the purchase of inventory on account) | |||
Mar. 23 | Accounts Payable - Jost Co. ($7,400 - $1,400) | $6,000 | |
Purchase Discount ($6,000*1/100) | $60 | ||
Cash ($6,000 - $60) | $5,940 | ||
(To record the payment made to Just Co. within discount period) | |||
Mar. 29 | Accounts Payable - Bickle Co. | $8,100 | |
Purchase Discount ($8,100*2/100) | $162 | ||
Cash ($8,100 - $162) | $7,938 | ||
(To record the payment made to Bickle Co. within discount period) | |||
Mar. 31 | Accounts Payable - Fairhurst Company | $10,000 | |
Cash | $10,000 | ||
(To record the payment to Fairhurst Company) | |||
Mar. 31 | Accounts Payable - Whitman Co. | $10,550 | |
Cash | $10,550 | ||
(To record the payment to Whitman Co.) |
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
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...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,639, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1.Purchased merchandise from Haas Co., $10,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 5.Purchased merchandise from Whitman Co., $15,717, terms FOB destination, n/30. 10.Paid Haas Co. for invoice of March 1. 13.Purchased merchandise from Jost Co., $12,850, terms FOB...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year, Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost...
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $5,000 of merchandise returned from purchase on October 4. 13...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells 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 sold was $13,090. 3. Sold merchandise for $11,000 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,210. 4. Sold merchandise on account to Empire Co.,...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $17,000, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $14,380. 3. Sold merchandise for $12,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,700. 4. Sold merchandise on account to Empire Co.,...
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,701, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co....
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,701, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,450, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co....