Question
PLEASE HELP ASAP Prepare the necessary general journal entries for the month of March for Dogwood Company for each situation given below. Dogwood uses a
PLEASE HELP ASAP
Prepare the necessary general journal entries for the month of March for Dogwood Company for each situation given below. Dogwood uses a perpetual inventory system.
Mar. 5 Paid cash of $6,000 for operating expenses that were incurred and properly recorded in the previous period.
Mar. 8 Purchased merchandise for $28,000 on account. Credit terms: 1/10, n/30; Freight term: FOB Destination.
Mar. 12 Borrowed $10,000 from Citizens Bank signing a 6%, 6-month note.
Mar. 15 Paid for merchandise purchased on March 8. The company takes all discounts to which it is entitled.
Mar. 20 Sold merchandise for $25,000 to Chris Martin on account. The cost of the merchandise sold was $16,000. Credit terms: 1/10, n/30.
Mar. 21 Freight term on sale made on March 20th was FOB destination. Cash paid for shipping was $600.
Mar. 22 Purchased a 2-year insurance policy for $4,100 cash.
Mar. 25 Credited Chris Martins account for $400 for merchandise returned by him from the sale on March 20. The cost of the merchandise returned was $225.
Mar. 29 Purchased equipment for $34,000 paying $8,000 in cash and signing a 12-month, 6% note for the remainder.
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