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Mar 2 Freight in 125 Cash 125 (To record payment of freight on goods purchased on Mar 2. FOB shipping point) (d) Mar 8 Accounts
Mar 2 Freight in 125 Cash 125 (To record payment of freight on goods purchased on Mar 2. FOB shipping point) (d) Mar 8 Accounts Payable 300 Purchase Returns and Allowances 300 To record the return of a portion of the goods purchased on account on Mar 2; see transaction (b) (e) Mar 11 Accounts Payable 3.600 Cash 3,528 254613 Mar 11 Accounts Payable Cash 3,600 Inventory 3528 [To record payment for remainder of goods purchased on Mar 2, see transaction (6) 72 () Mar 15 Accounts Payable 1.950 Cash 1.050 (To record payment for goods purchased in February-no discount taken) (9) Mar 31 Freight Out 225 Cash 225 (To record freight costs on sales to customer shipped FOB shipping point) 600/sigment 75013 e) Mar 11 Accounts Payable 3,600 Cash 3,528 Inventory 72 [To record payment for remainder of goods purchased on Mar 2, see transaction (b)] Mar 15 Accounts Payable 1,950 Cash 1,950 (To record payment for goods purchased in February-no discount taken) Mar 31 Freight Out 225 Cash 225 A company has using the perpetual inventory system has recorded the following journal entries in March 2021 Mar 1 Cash 15,000 Accounts Receivable 15,000 (To record receipt of payment on account on sales to TST Company TST paid within the credit terms n/30)) (b) Mar 2 Inventory 3.900 Accounts Payable 3.900 (To record goods purchased on account, terms 2/10, 1/30) (C) 125 Mar 2 Freight in Indicate if the journal entry is correct or not and if it is incorrect state why and what the correction should be. Short point form answers are recommended
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