Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year Mar. 1. Purchased merchandise

image text in transcribed
image text in transcribed
image text in transcribed
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year Mar. 1. Purchased merchandise from Haas Co., $10,850, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,056, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $12,400, terms FOB destination, 2/10, n/30. 14. Issued debit memo to Jost Co. for merchandise with an invoice amount of $4,950 returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $29,040, terms FOB shipping point, n/eom 18. Paid freight of $385 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co, $22,500, terms FOB destination, 1/10, n/30 23. Paid Jost Co. for invoice 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. Reauired: 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 Inventory Mar 1 10,850 X Accounts Payable-Haas Co. 10850 X Inventory Mar 5 Accounts Payable-Whitman Co. Mar 10 Accounts Payable-Haas Co Cash Mar 13 Inventory Accounts Payable-Jost Co. Mar 14 Accounts Payable-3ost Co. Inventory Mar 18 Inventory Accounts Payable-Fairhurst Company Next Check My Work ems debets % 7 4 3 2 R E K F D V C Z Search Textbook Solutions Chegg.com Calculator Print Item Mar. 18 Inventory Accounts Payable-Fairhurst Company Mar. 18 Inventory Cash Mar. 19 Inventory Accounts Payable-Bickle Co. Mar 23 Accounts Payable-Jost Co. Cash Mar 29 Accounts Payable-Bickle Co. Cash Mar 31 Accounts Payable-Falrhurst Company Cash Mar 31 Accounts Payable-Whitman Co. Cash Next Check My Work W

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

CIA Part 1 Essentials Of Internal Auditing 2022

Authors: MUHAMMAD ZAIN

1st Edition

B09PHFC28N, 979-8794951356

More Books

Students also viewed these Accounting questions

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago

Question

Writing a Strong Introduction

Answered: 1 week ago