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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 fit
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 worksheet for March 2020 to record the following transactions for a retail store. Assume a periodic inventory system.
Mar. | 2 | Purchased jeans from Paige Denim under the following terms: $4,200 invoice price, 2/15, n/60, FOB shipping point. |
3 | Paid $350 for shipping charges on the purchase of March 2. | |
4 | Returned to Paige Denim unacceptable merchandise that had an invoice price of $400. | |
17 | Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. | |
18 | Purchased jeans from J Brand under the following terms: $9,600 invoice price, 2/10, n/30, FOB destination. | |
21 | After brief negotiations, received from J Brand a $2,100 allowance on the purchase of March 18. | |
28 | Sent a cheque to J Brand paying for the March 18 purchase, net of the discount and the allowance. |
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