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Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and
Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers to bring great style and fit to her customers. Prepare journal entries for March 2020 to record the following transactions. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,900 invoice price, 3/15, n/60, F08 shipping point. 3 Paid $320 for shipping charges on the purchase of March 2. 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $500. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from 3 Brand under the following terms: $9,000 invoice price, 3/10, n/30, FOB destination. 21 After brief negotiations, received from 1 Brand a $1,800 allowance on the purchase of March 18. 28 Sent a cheque to 3 Brand paying for the March 18 purchase, net of the discount and the allowance. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 Record purchase of merchandise on credit; terms 3/15, n/60, FOB shipping. Note: Enter debits before credits. Date March 02, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Record payment of shipping charges for purchased merchandise. Note: Enter debits before credits. Date March 03, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 4 5 6 7 Record entry for return of unacceptable merchandise. Note: Enter debits before credits. Date March 04, 2020 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 3 5 6 7 Record payment made for merchandise purchased on March 2 within the discount period. Note: Enter debits before credits. Date March 17, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 D 6 7 Record the purchase of merchandise on credit; terms 3/10, n/30, FOB destination. Note: Enter debits before credits. Date March 18, 2020 General Journal Debit Credit > Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 7 Record the receipt of an allowance on purchase. Note: Enter debits before credits. Date March 21, 2020 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 4 5 6 1 Record the payment on merchandise purchased on March 18 within the discount period. Note: Enter debits before credits. Date March 28, 2020 General Journal Debit Credit Record entry Clear entry View general journal
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