Question

Purchase-Related Transactions Using Periodic Inventory System

The following selected transactions were completed by Niles Co. during March of the current year:

Mar. 1.	Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice.
5.	Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30.
10.	Paid Haas Co. for invoice of March 1.
13.	Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30.
14.	Issued debit memo to Jost Co. for $3,750 of merchandise returned from purchase on March 13.
18.	Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom.
18.	Paid freight of $140 on March 18 purchase from Fairhurst Company.
19.	Purchased merchandise from Bickle Co., $6,500, 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.

Required:

Journalize the entries to record the transactions of Niles Co. for March using the periodic inventory system. If an amount box does not require an entry, leave it blank.

Mar. 1		fill in the blank 2	fill in the blank 3
		fill in the blank 5	fill in the blank 6
		fill in the blank 8	fill in the blank 9
Mar. 5		fill in the blank 11	fill in the blank 12
		fill in the blank 14	fill in the blank 15
Mar. 10		fill in the blank 17	fill in the blank 18
		fill in the blank 20	fill in the blank 21
		fill in the blank 23	fill in the blank 24
Mar. 13		fill in the blank 26	fill in the blank 27
		fill in the blank 29	fill in the blank 30
Mar. 14		fill in the blank 32	fill in the blank 33
		fill in the blank 35	fill in the blank 36
Mar. 18-purchase		fill in the blank 38	fill in the blank 39
		fill in the blank 41	fill in the blank 42
Mar. 18-freight		fill in the blank 44	fill in the blank 45
		fill in the blank 47	fill in the blank 48
Mar. 19		fill in the blank 50	fill in the blank 51
		fill in the blank 53	fill in the blank 54
Mar. 23		fill in the blank 56	fill in the blank 57
		fill in the blank 59	fill in the blank 60
		fill in the blank 62	fill in the blank 63
Mar. 29		fill in the blank 65	fill in the blank 66
		fill in the blank 68	fill in the blank 69
		fill in the blank 71	fill in the blank 72
Mar. 31-Fairhurst		fill in the blank 74	fill in the blank 75
		fill in the blank 77	fill in the blank 78
Mar. 31-Whitman		fill in the blank 80	fill in the blank 81
		fill in the blank 83	fill in the blank 84

Answer 1

Date	Account Titles	Debit	Credit
Mar-01	Purchase	$         43,250
	Freight In	$               650
	Accounts Payable - Haas Co.		$          43,900
Mar-05	Purchase	$         19,175
	Accounts Payable - Whitman Co.		$          19,175
Mar-10	Accounts Payable - Haas Co.	$         43,900
	Cash		$          43,035
	Purchase Discount		$               865
Mar-13	Purchase	$         15,550
	Accounts Payable - Jost Co.		$          15,550
Mar-14	Accounts Payable - Jost Co.	$           3,750
	Purchase Returns		$            3,750
Mar-18	Purchase	$         13,560
	Accounts Payable - Fairhurst Co.		$          13,560
Mar-18	Freight In	$               140
	Cash		$               140
Mar-19	Purchase	$           6,500
	Accounts Payable - Bickle Co.		$            6,500
Mar-23	Accounts Payable - Jost Co.	$         11,800
	Cash		$          11,564
	Purchase Discount		$               236
Mar-29	Accounts Payable - Bickle Co.	$           6,500
	Cash		$            6,370
	Purchase Discount		$               130
Mar-31	Accounts Payable - Fairhurst Co.	$         13,560
	Cash		$          13,560
Mar-31	Accounts Payable - Whitman Co.	$         19,175
	Cash		$          19,175