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Please answer as soon as possible. Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of manufacturers
Please answer as soon as possible.
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: $4,900 invoice price, 3/15, n/66, FOB shipping point. 3 Paid $420 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 J Brand under the following terms: $11,000 invoice price, 3/10, n/30, FOB destination 21 After brief negotiations, received from J Brand a $2,800 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. View transaction list Journal entry worksheet Record purchase of merchandise on credit; terms 3/15, 1/60, FOB shipping Note: Enter debits before creditsStep by Step Solution
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