habled: Midterm Two

Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method.

March $3$ Purchased $$1,180$ of merchandise from GreenWorld Company with credit terms of $\frac{2}{15},\frac{n}{60},$ invoice dated March $3,$ and FOB shipping point.

March $4$ Paid $$80$ cash for shipping charges on the March $3$ purchase.

March $5$ Returned to GreenWorld unacceptable merchandise that had an invoice price of $$130.$

March $18$ Paid GreenWorld for the March $3$ purchase, net of the discount and the returned merchandise.

March $19$ Purchased $$440$ of merchandise from PeopleFirst Corporation with credit terms of $\frac{1}{10},\frac{n}{30},$ invoice dated March $19,$ and FOB destination.

March $21$ After negotiations, received from Peoplefirst a $$40$ allowance $($for scuffed merchandise$)$ toward the $$440$ owed on the March $19$ purchase.

March $29$ Sent check to PeopleFirst paying for the March $19$ purchase, net of the allowance and the discount.

Journal entry worksheet

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Purchased $$1,180$ of merchandise from GreenWorld Company with credit terms of $\frac{2}{15},\frac{n}{60},$ invoice dated March $3,$ and FOB shipping point.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$March $03,,,],[,,,]]$