In: Accounting
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 | |||
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 | ||||||