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In: Accounting

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., $18,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $525 was added to the invoice.
5. Purchased merchandise from Whitman Co., $11,350, terms FOB destination, n/30.
10. Paid Haas Co. for invoice of March 1.
13. Purchased merchandise from Jost Co., $4,000, terms FOB destination, 1/10, n/30.
14. Issued debit memo to Jost Co. for $800 of merchandise returned from purchase on March 13.
18. Purchased merchandise from Fairhurst Company, $10,450, terms FOB shipping point, n/eom.
18. Paid freight of $180 on March 18 purchase from Fairhurst Company.
19. Purchased merchandise from Bickle Co., $7,800, 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 Britt Co. for March.

Mar. 1
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

Solutions

Expert Solution

1-Mar Inventory 18655
Accounts payable-Hass co 18,655
(18500*98%+525)
5-Mar inventory 11,350
Accounts payable-Whitman co. 11,350
10-Mar Accounts payable-Hass co 18655
Cash 18655
13-Mar Inventory 3960
Accounts payable-Jost Co. 3,960
(4000*99%)
14-Mar Accounts payable-Jost Co. 792
Inventory 792
(800*99%)
18-Mar Inventory 10,450
Accounts payable-Fairhurst company 10,450
18-Mar inventory 180
cash 180
19-Mar Inventory 7644
Accounts payable-Bickle Co 7,644
(7800*98%)
23-Mar Accounts payable-Jost Co. 3168
cash 3,168
29-Mar Accounts payable-Bickle Co 7644
Cash 7644
31-Mar Accounts payable-Fairhurst company 10,450
Cash 10,450
31-Mar Accounts payable-Whitman co. 11,350
Cash 11,350

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