Jones Furniture Company engaged in the following transactions during March of the current year (Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Furniture Company Assume the company uses the perpetual inventory system 2. Suppose the balance in inventory was $51.000 on March 1. What is the balance in inventory on March 312 Requirement 1. Journalize the preceding transactions on the books of Jones Furniture Company. Assume the company uses the perpetual inventory syst- We begin with the purchase of inventory for cash on March 2nd. Purchased inventory for cash. $30,000. less a quantity discount of $4,219 (Record debit Journal Entry Accounts Debit Credit Date Mar March 5. Purchased store supplies on credit terms of net com 54.000 Journal Entry Date Accounts Debit Credit Mar March & Purchased inventory of $58.000 less a quantity discount of 12 percent, plus freight charges of $3200 Credit terms are 3/15, 130 Journal Entry Date Accounts Debit Credit Mar Choose from any list or enter any number in the input ids and then continue to the next question Jones Furniture Company engaged in the following transactions during March of the current year Click the icon to view the transactions.) Required 1. Journalize the preceding transactions on the books of Jones Furniture Company Assume the company uses the perpetual inventory sys Suppose the balance in inventory was $51,000 on March 1 What is the balance in inventory on March 317 The March 9th transaction requires two entries. Sold goods for cash $37.000. Jones's cost of these goods was 517.000 Let's enter the sale first Journal Entry Date Accounts Debit Credit 2. Mar The second entry for the transaction of March 9th records the effect on inventory Let's enter that now. Journal Entry Date Accounts Debit Credit Mar March 11 Returned $3,800 (net amount after the quantity discount) of the inventory purchased on March 8. It was damaged in shipment Journal Entry Date Accounts Debit Credit Mar March 12 Purchased inventory on credit terms of 3/10, 130, 560,000 Innant March 12 Purchased Inventory on credit forms of 310, 30, 550,000 Bountry Accounts Data De Credit March 1 Soldieron ottoms of 2/10,n30 for 512.000 less 514200 any contcost. 599.000). This traction requires us to make two journal entries. Les enter the sales transaction first Journal Entry D Accounts Debe Credit Debil Crede Maced the 1400 Recordement of Choose anyberte mes desconto me est question Macht were good purchased on ches the discount and then found you to the whole do Journal Entry Acous Der Cro March 150 person the customer who hentary Machete pended the contro As Credit Matthew hd on March Account C They 351.00 Macht Wells the balance in story on March there any serwy are the press and the continue to be requestion Journal Entry Date Accounts Debit Credit Mar Requirement 2. Suppose the balance in inventory was $51.000 on March 1. What is the balance in inventory on March 31? The balance in Inventory on March 31 was Choose from any list or enter any number in the input fields and then continue to the next question Durch bo Mar 2 Purchased inventory for cash, $30,000, less a quantity discount of $4,219 5 Purchased store supplies on credit terms of net eom, $4.000 8 Purchased Inventory of $58,000 less a quantity discount of 12 percent, plus freight charges of $3.200. Credit terms are 3/15, n/30 9 Sold goods for cash, $37.000. Jones's cost of these goods was $17.000 11 Returned $3,800 (net amount after the quantity discount) of the inventory purchased on March 8 It was damaged in shipment 12 Purchased inventory on credit terms of 3/10, 1/30, S60,000 14 Sold inventory on credit terms of 2/10. n/30, for $142.000 less a $14,200 quantity discount (cost, $99,000) 16 Received and paid the electricity bill $4,200. 20 Received retumed inventory from the March 14 sale $6.200 (net amount after the quantity discount). Jones shipped the wrong goods by mistake. Jones's cost of the inventory received was 54,200 21 Paid supplier for goods purchased on March 8 less the discount and the return. Freight costs are not subject to purchase discounts 23 Received $89,100 cash in partial settlement of the account from the customer who purchased inventory on March 14. Granted the customer a 1 percent discount and credited the customer's account receivable for $90.000 31 Paid for the store supplies purchased on March 5 Print Done