Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Coduring March of the current year. uses the net method under a perpetual inventory system Mar. 1. Purchased merchandise from Haas Co.$10,250, terms FOB shipping point, 2/10 , . Prepaid freight of $220 was added to the involce 5. Purchased merchandise from Whitman $14,943, terms FOB destination, n / 30 . Pald Cofor invoice of March 1. 13. Purchased merchandise from Jost Co., $12,450, terms FOB destination , 2/10 , n/30, . 14. Issued debit memo to Jost for merchandise with an invoice amount of $4,500 returned from purchase on March 13 18. Purchased merchandise from Fairhurst Company, $27,340, terms FOB pointeom. 18. Pald freight of $360 on March 18 purchase from Fairhurst Company 19. Purchased merchandise from Bickle Co., $23,200, terms FOB destination, 1/10 , n / 30 . 23. Paid Jost for invoice of March 13, less debit of March 29. Pald Bickle Co. for involce of March 19. 31. Pald Fairhurst Company for invoice of March 18. 31. Paid Whitman for invoice of March 5. Required: the entries to record the transactions of Niles for March.

Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system Mar. 1. Purchased merchandise from Haas Co., $10,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice, 5. Purchased merchandise from Whitman Co., $14,943, terms FOB destination, n/30. 10. Paid Haas Co, for invoice of March 1. 13. Purchased merchandise from Jost Co., $12,450, terms FOB destination, 2/10, 1/30. 14. Issued debit memo to Jost Co. for merchandise with an invoice amount of $4,500 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $27,340, terms FOB shipping point, n/eom. 18. Paid freight of $360 on March 18 purchase from Fairhurst Company 19. Purchased merchandise from Bickle Co., $23,200, terms FOB destination, 1/10, 1/30. 23. Pald Jost Co. for involce of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transactions of Niles Co. for March If an amount box does not require an entry, leave it blank Mar. 1 Inventory 10.450 X Accounts Payable-Haas Co. Mar. 5 Inventory