eBook Calculator Purchase-related transactions using perpetual inventory system The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. 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 merchandise with an invoice amount of $3,750 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom. 18. Pald 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. Pald 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. If an amount box does not require an entry, leave it blank. Mar. 1 nventory Accounts Payable-Haas Co. 88 Mar. 5 ventory Accounts Payable-Whitman Co. 00 00 OD OD Mar. 10 Accounts Payable-Haas Co. Calculator Mars Inventory Accounts Payable Whitman Co. Accounts Payable Haas Cov Mar. 11 luventory _ Accounts Payable-Josta Mar. 14 Accounts Payable lost a Tuventory Mar. 18 Inventory Accounts Payable Fairburst Company Inventory Cash Mar. 18 I II II II II II II II II II II II II II II II II II II II II O Mar. 19 Inventory Accounts Payable-Bickle Co. Mar. 23 Accounts Payable-Jostco Cash Mar. 29 Accounts Payable- B eca Carch Accounts Payable Farfurst Company Cash v Mar. 11 Accounts Payable Whitman