Prepare journal entries for March 2014 to record the following transactions for a retail store. Assume a perpetual inventory system.
Mar. 2 Purchased merchandise from Blanton Company under the following terms: $4,200 invoice price, 2/15, n/60, FOB factory.
3 Paid $350 for shipping charges on the purchase of March 2.
4 Returned to Blanton Company unacceptable merchandise that had an invoice price of $400.
17 Sent a cheque to Blanton Company for the March 2 purchase, net of the returned merchandise and applicable discount.
18 Purchased merchandise from Fleming Corp. under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination.
21 After brief negotiations, received from Fleming Corp. a $2,100 allowance on the purchase of March 18.
28 Sent a cheque to Fleming Corp. paying for the March 18 purchase, net of the discount and the allowance