Question
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
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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., $13,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 5. Purchased merchandise from Whitman Co., $15,000, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $8,200, terms FOB destination, 1/10, n/30. 14. Issued debit memo to Jost Co. for $1,600 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $10,050, terms FOB shipping point, n/eom. 18. Paid freight of $250 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $10,300, terms FOB destination, 2/10, 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.
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 Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Haas Co.
Accounts Payable-Haas Co. Accounts Payable-Haas Co. Mar. 5 Accounts Payable-Whitman Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Whitman Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Whitman Co.
Accounts Payable-Whitman Co. Accounts Payable-Whitman Co. Mar. 10 Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Haas Co.
Accounts Payable-Haas Co. Accounts Payable-Haas Co. Accounts Payable-Haas Co.Accounts Receivable-Haas Co.CashCost of Merchandise SoldSales DiscountsCash
Cash Cash Mar. 13 Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales Returns and AllowancesMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Jost Co.
Accounts Payable-Jost Co. Accounts Payable-Jost Co. Mar. 14 Accounts Payable-Jost Co.CashCost of Merchandise SoldSales DiscountsSales Returns and AllowancesAccounts Payable-Jost Co.
Accounts Payable-Jost Co. Accounts Payable-Jost Co. Accounts Payable-Jost Co.Cost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesMerchandise Inventory
Merchandise Inventory Merchandise Inventory Mar. 18-purchase Accounts Payable-Fairhurst CompanyCost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Fairhurst Company
Accounts Payable-Fairhurst Company Accounts Payable-Fairhurst Company Mar. 18-freight Accounts Payable-Fairhurst Co.CashCost of Merchandise SoldDelivery ExpenseMerchandise InventoryMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Jost Co.CashCost of Merchandise SoldDelivery ExpenseMerchandise InventoryCash
Cash Cash Mar. 19 Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory
Merchandise Inventory Merchandise Inventory Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Bickle Co.
Accounts Payable-Bickle Co. Accounts Payable-Bickle Co. Mar. 23 Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Jost Co.
Accounts Payable-Jost Co. Accounts Payable-Jost Co. Accounts PayableCashCost of Merchandise SoldDelivery ExpenseSalesCash
Cash Cash Mar. 29 Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Bickle Co.
Accounts Payable-Bickle Co. Accounts Payable-Bickle Co. Accounts Payable-Bickle Co.CashCost of Merchandise SoldSalesSales DiscountsCash
Cash Cash Mar. 31-Fairhurst Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Fairhurst Company
Accounts Payable-Fairhurst Company Accounts Payable-Fairhurst Company Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldSales DiscountsSales Returns and AllowancesCash
Cash Cash Mar. 31-Whitman Accounts Payable-Whitman Co.Cost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesAccounts Payable-Whitman Co.
Accounts Payable-Whitman Co. Accounts Payable-Whitman Co. Accounts Payable-Fairhurst CompanyAccounts Receivable-Whitman CompanyCashMerchandise InventorySalesCash
Cash Cash
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., $13,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. |
| 5. | Purchased merchandise from Whitman Co., $15,000, terms FOB destination, n/30. |
| 10. | Paid Haas Co. for invoice of March 1. |
| 13. | Purchased merchandise from Jost Co., $8,200, terms FOB destination, 1/10, n/30. |
| 14. | Issued debit memo to Jost Co. for $1,600 of merchandise returned from purchase on March 13. |
| 18. | Purchased merchandise from Fairhurst Company, $10,050, terms FOB shipping point, n/eom. |
| 18. | Paid freight of $250 on March 18 purchase from Fairhurst Company. |
| 19. | Purchased merchandise from Bickle Co., $10,300, terms FOB destination, 2/10, 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. |
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 | Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Haas Co. | Accounts Payable-Haas Co. | Accounts Payable-Haas Co. | |
| Mar. 5 | Accounts Payable-Whitman Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Whitman Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Whitman Co. | Accounts Payable-Whitman Co. | Accounts Payable-Whitman Co. | |
| Mar. 10 | Accounts Payable-Haas Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Haas Co. | Accounts Payable-Haas Co. | Accounts Payable-Haas Co. |
| Accounts Payable-Haas Co.Accounts Receivable-Haas Co.CashCost of Merchandise SoldSales DiscountsCash | Cash | Cash | |
| Mar. 13 | Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales Returns and AllowancesMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Jost Co. | Accounts Payable-Jost Co. | Accounts Payable-Jost Co. | |
| Mar. 14 | Accounts Payable-Jost Co.CashCost of Merchandise SoldSales DiscountsSales Returns and AllowancesAccounts Payable-Jost Co. | Accounts Payable-Jost Co. | Accounts Payable-Jost Co. |
| Accounts Payable-Jost Co.Cost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesMerchandise Inventory | Merchandise Inventory | Merchandise Inventory | |
| Mar. 18-purchase | Accounts Payable-Fairhurst CompanyCost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Fairhurst Company | Accounts Payable-Fairhurst Company | Accounts Payable-Fairhurst Company | |
| Mar. 18-freight | Accounts Payable-Fairhurst Co.CashCost of Merchandise SoldDelivery ExpenseMerchandise InventoryMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Jost Co.CashCost of Merchandise SoldDelivery ExpenseMerchandise InventoryCash | Cash | Cash | |
| Mar. 19 | Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsMerchandise Inventory | Merchandise Inventory | Merchandise Inventory |
| Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Bickle Co. | Accounts Payable-Bickle Co. | Accounts Payable-Bickle Co. | |
| Mar. 23 | Accounts Payable-Jost Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Jost Co. | Accounts Payable-Jost Co. | Accounts Payable-Jost Co. |
| Accounts PayableCashCost of Merchandise SoldDelivery ExpenseSalesCash | Cash | Cash | |
| Mar. 29 | Accounts Payable-Bickle Co.CashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Bickle Co. | Accounts Payable-Bickle Co. | Accounts Payable-Bickle Co. |
| Accounts Payable-Bickle Co.CashCost of Merchandise SoldSalesSales DiscountsCash | Cash | Cash | |
| Mar. 31-Fairhurst | Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldMerchandise InventorySales DiscountsAccounts Payable-Fairhurst Company | Accounts Payable-Fairhurst Company | Accounts Payable-Fairhurst Company |
| Accounts Payable-Fairhurst CompanyCashCost of Merchandise SoldSales DiscountsSales Returns and AllowancesCash | Cash | Cash | |
| Mar. 31-Whitman | Accounts Payable-Whitman Co.Cost of Merchandise SoldMerchandise InventorySales DiscountsSales Returns and AllowancesAccounts Payable-Whitman Co. | Accounts Payable-Whitman Co. | Accounts Payable-Whitman Co. |
| Accounts Payable-Fairhurst CompanyAccounts Receivable-Whitman CompanyCashMerchandise InventorySalesCash | Cash | Cash |
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