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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 for March 2020 to record the following transactions. Assume a perpetual inventory system. Mar. 2 Purchased jeans from Paige Denim under the following terms: $3,200 invoice price, 1/15, n/60, FoB shipping point. 3 Paid $250 for shipping charges on the purchase of March 2 . 4 Returned to Paige Denim unacceptable merchandise that had an invoice price of $300. 17 Sent a cheque to Paige Denim for the March 2 purchase, net of the returned merchandise and applicable discount. 18 Purchased jeans from ] Brand under the following terms: $7,600 invoice price, 1/10, n/30, F0B destination. 21 After brief negotiations, received from ] Brand a $1,100 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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