Chapter 5 Assignment eBook Calculator Purchase-related transactions using perpet

Question

Chapter 5 Assignment eBook Calculator 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, $43,25o, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice. S. 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 For a compound transaction, if an amount box does not require an entry, leave it blank. Inventory 4 1,735 X Mar. 1 x® 3/11/2018 0 Type here to search DOLL

Explanation / Answer

Debit Credit 1-Mar Inventory 43900       Accounts payable -haas Co 43900 5-Mar Inventory 19175       Accounts payable -Whiteman Co 19175 10-Mar       Accounts payable -haas Co 43900                   To Cash 43900 13-Mar Inventory 15550       Accounts payable -Jost Co 15550 14-Mar       Accounts payable -Jost Co 3750            Inventory 3750

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